Assala Gabon announced the start of production from the Grand N'Gongui (GNG) field. The field contains a 10–15 metre oil rim within the Gamba Formation, with up to 350 MMstb of stock tank oil initially in place (STOIIP).
Oil prices jumped more than 5 per cent on Monday (April 20), on fears that the ceasefire between the US and Iran could collapse after the US seized an Iranian cargo ship, while traffic through the Strait of Hormuz stayed largely halted.
The nearly two-month-long conflict involving US, Israel and Iran has inflicted a heavy toll on global energy markets, erasing tens of billions of dollars in potential oil output and triggering one of the most severe supply disruptions in recent history.
Integrated Global Services (IGS) research shows 46 per cent of oil and gas assets in Saudi Arabia and UAE operate beyond design life, with 83 per cent still confident in performance despite downtime losses and growing focus on efficiency and reliability.
Energy disruptions from the Iran war strain Gulf oil and gas exporters, while importers like Egypt and Jordan face higher commodity prices and reduced remittances from Gulf workers, worsening economic pressures across the region, said the International Monetary Fund (IMF).
A convoy of eight tankers - comprising one very large crude oil carrier (VLCC) and chemical tankers - was crossing the Strait of Hormuz on Saturday, data showed, as some ship owners said they hoped Tehran would allow them to leave the Gulf during a short ceasefire window in the Iran war.
There will be clear winners and losers across global stock markets should the US and Iran reach a peace deal this weekend, affirms Nigel Green, the CEO of deVere Group, one of the world’s largest independent financial advisory organisations.
Iran has announced that commercial shipping through the strategically vital Strait of Hormuz will remain fully open for the duration of the current ceasefire, signalling a potential easing of tensions in one of the world’s most critical energy corridors.
Oil prices extended their decline on Wednesday, as cautious optimism over a possible resumption of US-Iran talks eased immediate supply fears, even as underlying risks from the ongoing conflict continued to cap losses.
Oil prices fell below $100 a barrel this morning (April 14) over signs of new US-Iran dialogue to end their war. Brent crude was at $97.8 in early trade, while US WTI crude was at $96.83.
