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March 15, 2021
The weekly Market Report is provided by Gladius Commodities of Lagos, Nigeria. Download the full report here. Learn more about Gladius Commodities at www.gladiuscommodities.com.
NIGERIA
The Federal Government has provisionally awarded tenders to develop 57 of its marginal oilfields, which could net the government $500 million in signature bonuses. The Department of Petroleum Resources sent out provisional award letters requesting payment within 45 days to secure the awards, which companies can for the first time pay in either dollars or naira.
Marginal fields are smaller oil blocks typically developed by indigenous companies. Nigeria is looking to produce from the fields to bolster state finances and increase local participation in the oil sector, which provides the bulk of the nation’s foreign exchange. The 57 fields in the current auction were launched in June 2020 and are part of the first marginal field round in nearly 20 years.
Event: Expert Forum: Market Abuse 2021
Delivered: 25 February 2021
Highlights
Surveillance and investigation work has reduced trading by certain actors whose trading prompted high numbers of suspicious transaction and order reports.
Increase in the FCA’s proactive market monitoring and the introduction of some new initiatives, notably a new approach to short selling reporting.
Introduction of a new market cleanliness measure, the Potentially Anomalous Trading Ratio.
Enforcement action taken in key market abuse cases against individuals and firms.
I am very happy to be able to be here for this year’s virtual webinar and thank the organisers for convening it. Last year’s event feels about 5 years ago. How strangely time has passed since then.
Tullow Oil Plc said on Friday it has agreed to a new reserve-based loan of about $1.7 billion with its banks, taking its liquidity to roughly $900 million, including free cash and available debt.
About the Chuditch PSC Baron has a 33.33% interest in the shares of SundaGas (Timor-Leste Sahul) Pte. Ltd. ( SundaGas TLS ), the parent company of the Timor-Leste subsidiary holding the Chuditch PSC interest, with the remaining 66.67% being held by a subsidiary of SundaGas Pte. Ltd., a private E&P company based in Singapore. The sole asset of SundaGas TLS is its 100% shareholding in SundaGas Banda Unipessoal Lda., which in turn operates and holds a 75% interest in the Chuditch PSC, with the remaining 25% carried interest being held by a subsidiary of the Timor-Leste state oil company (Timor Gap, E.P.). Baron therefore has an indirect 25% interest in the Chuditch PSC.