ENERGY: Tullow and Kosmos Agree MoU to Extend Ghana Production Licenses
Jun-04 08:24
Tullow Oil and Kosmos Energy signed an agreement with the government of Ghana to extend production licenses through to 2040.
- The agreement is to extend the West Cape Three Points and Deep Water Tano licenses covering the Jubilee and TEN oil fields.
- It includes drilling up to 20 new wells in the Jubilee field, representing a $2 billion investment over the life of the licenses.
- Jubilee produced an average of 66.8 kb/d of oil and 181.2 MMcf/d of gas in Q1 2025 with 81.1 MMcf/d exports to GNGC.
- A material increase in reserves is expected while the deal includes a commitment to increase gas supply from the fields to around 130 million standard cubic feet a day.
- Tullow Oil expects all approvals for the license extensions before the end of Q3 2025.
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Historical bullets
JPY: Testing high against the EUR and the Pound
May-05 08:22
- Worth keeping an eye on the Yen (nothing fast nor big), testing session high against the Pound and the EUR.
- The Dollar and the AUD are still lagging, but price action should still be somewhat limited with the Focus on the Fed this Week.
- Small support in USDJPY is seen towards 143.73 (Friday's low) initially, but did trade as low as 142.88 last Thursday.
FOREX: FX OPTION EXPIRY
May-05 08:14
Of note:
EURUSD 1.72b at 1.1300 (could act as magnet).
EURGBP ~1bn at 0.8525.
USDCAD 2.66bn at 1.3865/1.3870 (a bit far).
USDCNY 1.51bn at 7.3000 (tue).
EURUSD 3bn at 1.1390/1.1400 (thu).
USDJPY 1.4bn at 143.00 (thu).
EURUSD 1.3bn at 1.1300 (fri).
USDJPY 1.8bn at 145.00 (fri).
- EURUSD: 1.1285 (1.13bn), 1.1300 (1.72bn).
- EURGBP: 0.8525 (900mln).
- USDJPY: 144.00 (335mln).
- USDCAD: 1.3865 (1.02bn), 1.3870 (1.64bn).
- AUDUSD: 0.6500 (489mln).
AUD: Best performer within G10s
May-05 07:14
- While just off its best level, the AUD is still the best performer against the Dollar within G10 Currencies, the Aussie has extended through the 2025 high on Friday and has found a boost following Albanese's win over the Weekend.
- Tariffs risks are still the major concern, but some of the continuity in Policy could be seen as supportive at least short Term.
- Next resistance in AUDUSD comes at 0.6528 High Nov 29 ‘24, and upside traction could be on the card, although Trade risks are at the forefront.
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