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Texan Company and Dana Gas Cancel $236 Million Egyptian Deal


(Bloomberg)
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Dana Gas PJSC’s $236 million deal to sell oil and gas blocks in Egypt to Texan company IPR Energy Group has fallen through.
The agreement between the two firms, announced in October, was terminated after they failed to finalize terms, Dana Gas said in a statement on Sunday to the Abu Dhabi stock exchange.
Dana Gas said it will now keep the assets, which accounted for output equivalent to 31,000 barrels a day of oil in 2019. The company, one of the Middle East’s biggest private-sector gas producers, will also drill an exploration well in the offshore Block 6 in the first quarter of 2023. ....

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Oil prices slide on OPEC output call and surging India virus cases


Oil prices slide on OPEC output call and surging India virus cases
By Sharon Cho and Verity Ratcliffe on 4/5/2021
Saudi Aramco drilling crew
(Bloomberg) Oil fell after OPEC+ decided to increase output from next month and coronavirus cases in India surged, potentially sapping demand in the world’s third-biggest importer.
West Texas Intermediate and Brent both dropped as much as 2.4%, paring gains on Thursday, the last day of trading due to a holiday on Friday. OPEC+ opted last week to raise production by more than 2 million barrels a day between May and July.
Crude has rallied this year as vaccine rollouts help major economies reopen. The decision by the Organization of Petroleum Exporting Countries and its allies was seen as a vote of confidence in the outlook for energy demand. The U.S. also added more than 900,000 jobs in March, the most in seven months. ....

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