Gulf Oil and Gas accountACCOUNT

Echo Energy Announce First Oil Export Cargo

Source: www.gulfoilandgas.com 4/18/2018, Location: South America

Echo Energy plc, the Latin American focused upstream oil and gas company, is pleased to announce that its first export cargo of oil was loaded from the Punta Loyola terminal, Rio Gallegos, on to the New Conquest tanker over the weekend of 14 April 2018.

Echo's share of the cargo from Q1 oil production from Fraccion C and Fraccion D was approximately 25,000 barrels and the cargo was sold to Vitol. The final realised sale price is based upon the average Brent price for the 5 days following loading and will be at a discount of approximately US$6 per barrel to the average Brent price during that period which is currently sitting at over US$ 71.5 per barrel.

Additionally, during Q1 all sales gas produced in the period (245.1 million standard cubic feet net to Echo) has been sold into the Argentinian market at an average realised price of US$4.21 per mmbtu (pricing ranging from US$3.04 to US$5.53 per mmbtu during the period). An additional 81.5 million standard cubic feet produced at the wellhead has been utilised in field for fuel and power.

Total sales receipts net to Echo before royalty, tax and operating expenses for Q1 2018 are therefore anticipated to be approximately US$2.7 million.

Fiona MacAulay, Chief Executive Officer of Echo, commented:
'Loading our first cargo was a significant step for Echo, particularly with Brent currently trading at a sustained US$70 / barrel for the first extended period during 2018. We are also delighted that gas sales have remained strong and our realised blended price for those has been in excess of US$4.20 per mmbtu throughout the summer season in Argentina. Receipt of maiden LATAM revenues in Q1 marks an important milestone in the Company's mission to become an exploration-led gas-focused mid-cap E&P, delivering value for shareholders.'

Oil News in Argentina >>

Iraq >>  12/10/2018 - Iraqi Oil Minister Thamer Ghadhban said he expected the fall in oil prices to stop and for prices to rise over time, adding that if OPEC had not cut p...
Russia >>  12/6/2018 - OPEC has tentatively agreed on oil output reduction but is reportedly waiting for Russia to declare its commitment before deciding the exact volumes f...

Iran >>  12/5/2018 - Iran says Qatar’s decision to quit the Organization of the Petroleum Exporting Countries (OPEC) shows the frustration of small producers at the domina...
Austria >>  12/4/2018 - Oil prices fell to their lowest level during a volatile session by signs of oversupply amid bleak economic prospects. The drop came despite market exp...

Qatar >>  12/3/2018 - The OPEC Secretary General, His Excellency Mohammad Sanusi Barkindo, has today received a letter from the State of Qatar giving notice of its intentio...
Austria >>  12/1/2018 - OPEC and its oil-producing allies reached an agreement to cut production by 1.2m barrels a day. The deal was hammered out at the OPEC Secretariat in V...

Related Categories: Coal  Electricity  General  Natural Gas  Oil 

Related Articles: Coal  Electricity  General  Natural Gas  Oil 


Argentina Oil & Gas 1 >>  2 | 3 | 4 |

More News

Related Links

Gulf Oil and Gas
Copyright © Universal Solutions All rights reserved. - Terms of Service - Privacy Policy.