Gulf Oil and Gas accountACCOUNT

Commodity Hedge Program

Source: 11/20/2020, Location: Asia

Tap Oil Limited has entered into commodity hedge contracts with BP Singapore Pte Limited (“BPS”) to cover the scheduled January 2021, February 2021 and March 2021 Manora crude oil liftings.

Details regarding the first Quarter CY2021 crude oil hedges with BPS are as follows: -
• 30,000 bbls of swaps in January 2021 at a fixed Dubai crude oil price of US$42.20/bbl
• 30,000 bbls of swaps in February 2021 at a fixed Dubai crude oil price of US$42.20/bbl
• 30,000 bbls of swaps in March 2021 at a fixed Dubai crude oil price of US$42.20/bbl

Tap Executive Chairman, Mr Chris Newton said “With oil markets remaining uncertain and volatile, we are pleased to be able to provide a first tranche layer of hedging to protect Manora’s Q1 CY2021 cashflows against downside oil price risks while retaining oil price upside for investors. We will continue to look for market opportunities to add further tranche hedge layers over the coming months. The Tap Board believes a 60% hedged / 40% unhedged ratio, provides the appropriate balance to manage oil price risk for Tap shareholders in the current market.”

Hedging has been implemented against Dubai crude, the reference against which Manora crude is priced. 2020 Year to date Dubai has traded at a US$0.20 / bbl premium to Brent when Manora crude was lifted.

The November 2020 Manora crude oil lifting for 299,977 barrels, (89,993 barrels net to Tap) was lifted on 6 November 2020. The next lifting is scheduled between 4 - 6 January 2021. The diagram below updates actual and forecast lifting volumes, hedge positions and realized post hedge prices.

Financials and Investment News in Thailand >>

United Kingdom >>  1/25/2021 - Angus Energy plc has announced, further to the RNS of 30 November, the Company, Saltfleetby Energy Limited and Aleph Energy Limited ("Aleph") have app...
Canada >>  1/22/2021 - Notification of Transactions in the Company's Shares by Director and Persons Discharging Managerial Responsibility ...

Finland >>  1/22/2021 - The technology group Wartsila announces the divestment of 100% of the shares in its Entertainment business, Wartsila Funa GmbH, to Videlio SA, a Frenc...
Russia >>  1/22/2021 - PetroNeft (PTR) an oil & gas exploration and production company, operating in the Tomsk Oblast, Russian Federation, and 50% owner and operator of Lice...

United Kingdom >>  1/22/2021 - Pharos Energy plc (PHAR.L), the Asia-MENA focussed independent oil and gas exploration and production company, is pleased to announce the successful c...
Bermuda >>  1/21/2021 - Borr Drilling Limited announces that in connection with Company’s previously announced liquidity improvement plan, the Company intends to offer up to ...

Thailand Oil & Gas 1 >>  2 | 3 |

More News

Related Links

Gulf Oil and Gas
Copyright © 2020 Universal Solutions All rights reserved. - Terms of Service - Privacy Policy.