Oil and Gas Market Overview - Oil prices rose by 4.7% to $73.96 per barrel, driven by optimism around Chinese stimulus plans [2] - Natural gas prices fell by 0.9% to $3.3540 per MMBtu due to milder weather forecasts [2][3] Major Industry Developments Galp Energia - Discovered oil and gas in Namibia's Orange Basin under Petroleum Exploration License 83 [3] - Mopane-2A well found hydrocarbon columns in AVO-3 (gas-condensate) and AVO-4 (light oil) reservoirs [3] - High-quality reservoirs with good porosity and permeability, low CO2 and no H2S concentrations [4] - Operates with 80% working interest, partners NAMCOR and Custos hold 10% each [5] Harbour Energy - Discovered hydrocarbons in Jocelyn South prospect in UK's Central North Sea [5] - Operator with 67% interest, partner Ithaca Energy holds 33% [6] - Gas-condensate found in Joanne sandstone reservoir at 12,620 ft TVDSS with 434 ft MD net pay [6] BP - Commenced gas production from Greater Tortue Ahmeyim (GTA) project in Senegal and Mauritania [7] - $4.8 billion FLNG facility to produce 2.3 million tons of LNG annually in initial phase [8] - Wells located at 2,850 meters water depth, gas transported to floating storage and processing vessel [8] Cheniere Energy - Achieved first LNG production from Train 1 of Corpus Christi Stage 3 Liquefaction Project [9] - Project completion at 75.9% as of Nov 30, 2024, with Train 1 expected to be substantially completed by Q1 2025 [10][11] - Seven midscale LNG trains to increase facility capacity to over 25 mtpa of LNG [10] Repsol - Restarted exploration in Libya's Murzuq Basin after a decade-long hiatus [11] - Spudded A1-2/130 well near Sharara oil field, planned depth of 1,844 meters [12] - Sharara field has production capacity of 320,000 barrels per day [13] Price Performance - Energy Select Sector SPDR rose 3.5% last week but edged down 1.2% over past six months [14] - Notable weekly stock gains: RIG (+12.2%), MPC (+5.2%), COP (+4.3%), OXY (+4%) [14] Future Market Focus - US government oil and natural gas statistics to guide commodity price trends [15] - Baker Hughes' rig count data to monitor US crude and natural gas production trends [15]
Galp Energia & Harbour Energy Discoveries Headline Oil & Gas Stock Roundup