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Athabasca Oil Corp T.ATH

Alternate Symbol(s):  ATHOF

Athabasca Oil Corporation (AOC) is a Canadian energy company with a focused strategy on the development of thermal and light oil assets. AOC’s segments include Light Oil and Thermal Oil. The Thermal Oil segment includes the Company’s assets, liabilities and operating results for the exploration, development and production of bitumen from sand and carbonate rock formations located in the Athabasca region of Northern Alberta. It also consists of two operating oil sands steam assisted gravity drainage projects and a resource base of exploration areas in the Athabasca region of northeastern Alberta. The Light Oil segment includes its assets, liabilities and operating results for the exploration, development and production of light crude oil and medium crude oil, tight oil and conventional natural gas. Its Light Oil segment consists exclusively of the Duvernay in the Greater Kaybob area with about 155,000 gross acres across Kaybob West, Kaybob North, Kaybob East and Two Creeks.


TSX:ATH - Post by User

Post by Dibah420on Apr 19, 2024 11:10am
102 Views
Post# 35998060

From UAE

From UAE

Oil prices fall after Iran denies ground damage from Israeli attack

Prices increase by about 3 per cent on Friday amid disruption concerns

A missile launched during a military exercise in Isfahan, Iran. Reuters
 
Powered by automated translation

Oil prices fell on Friday following a 3 per cent surge earlier in the day after Iran downplayed the severity of Israel's attacks and denied any damage on the ground.

Futures were on track to record a weekly loss as fears of an escalating conflict in the Middle East eased.

Brent, the benchmark for two thirds of the world’s oil, was trading 0.24 per cent lower at $86.90 a barrel at 5.44pm UAE time. The benchmark rose by about $4 a barrel to a session high of $90.75 in morning trading.

West Texas Intermediate, the gauge that tracks US crude, was down 0.11 per cent at $82.64 a barrel.

 

Air defence systems in the Iranian city of Isfahan were activated overnight against a suspected drone attack, with three explosions heard near an army base north-west of the city, Iranian state media reported on Friday.

US officials confirmed Israel had carried out military operations against Iran in retaliation for the April 13 barrage of hundreds of missiles and drones that Tehran fired at Israel.

However, Iranian officials have played down the incident and signalled that Tehran had no plans for retaliation.

"Oil prices jumped after the attack, but have calmed down for now. However, geopolitical tensions persist as a key risk factor," said Jorge Leon, senior vice president at Rystad Energy.

The Norway-based consultancy said the fair price for a barrel of oil based solely on fundamentals would be $83, indicating a geopolitical premium of about $4 at current Brent crude prices.

 

"The near future is likely to see continued volatility in the oil market due to these geopolitical factors," Mr Leon said.

Last Saturday, Iran fired more than 300 drones and missiles at Israel in retaliation for the killing of senior members of Iran's Islamic Revolutionary Guard Corps in an air strike in Syria on April 1.

It marked the first direct attack by Tehran on Israel rather than through proxies in Lebanon, Syria and other locations. Iran also seized a container ship with links to Israel in the Arabian Sea.

Analysts have said that while a potential disruption of Iranian crude shipments would affect oil prices, the biggest risk to energy markets arises from a potential blockage of the Strait of Hormuz, the world’s most important oil corridor.

About 30 per cent of global oil trade transits through the Strait of Hormuz, with 70 per cent going to Asia, according to the International Energy Agency.

Tehran has previously indicated it could close the maritime route if necessary.

Higher oil prices could prompt global central banks to rethink plans to cut interest rates.

On Tuesday, the Federal Reserve chairman Jerome Powell said he expected recent data to delay the timing of US interest rate cuts, as figures indicated that the US central bank's efforts to restore price stability had stalled.

The Fed has held its target range between 5.25 per cent and 5.5 per cent since the summer and is now considering the timing of cutting interest rates.

Meanwhile, the US has reimposed sanctions on Venezuela’s oil sector in response to President Nicolas Maduro's failure to meet his election commitments.

The US Department of State said that the South American country had not fully met the commitments made under the Barbados Agreement.

The deal aimed to lay the groundwork for a free, fair and internationally monitored presidential election in 2024, involving both the government and opposition leaders.

Rystad Energy expects Venezuela’s oil production to plateau at about 910,000 barrels per day this year, before gradually declining to 890,000 bpd next year.

“In the case that sanctions were not reimposed, our updated view was that production could have increased steadily to 1.1 million bpd by the end of next year,” the consultancy said.

Updated: April 19, 2024, 10:20 AM

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