Despite Current Conditions Oil Unlikely to Slide Much Further
24 Mayo 2012 - 7:20AM
Marketwired
Growing fears about a potential recession in Europe, which consumes
18 percent of the world's oil, has weighed heavily on oil prices,
and companies. The SPDR S&P Oil & Gas Exploration &
Production ETF (XOP) has fallen over 7 percent in the past month.
The Paragon Report examines investing opportunities in the Oil
& Gas Industry and provides equity research on ATP Oil &
Gas Corporation (NASDAQ: ATPG) and Triangle Petroleum Corporation
(NYSE: TPLM).
Access to full reports can be found at:
www.ParagonReport.com/ATPG
www.ParagonReport.com/TPLM
Prices of Brent crude hit five-month lows last week as concerns
about the global economy grew, and Saudi Arabia stated it would
over produce to force prices lower according to a recent article in
the Wall Street Journal. Despite the current conditions many
industry observers believe oil is unlikely to slide much further,
as productions costs remain high. "Costs are still at a very high
level because of the complexity of marginal fields," said Pierre
Sigonney, chief economist at French oil company Total SA. "We don't
expect oil prices to go much below $100 a barrel."
"I believe there is a floor at $100. Ultimately the Saudis are
the ones that have the single biggest positive influence in the oil
price, other than anyone starting a war -- which would have a
negative but upward impression on oil price," said Philip Wolfe,
head of energy EMEA for UBS.
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ATP Oil & Gas is an international offshore oil and gas
development and production company with operations in the Gulf of
Mexico, Mediterranean Sea and the North Sea. The company recently
announced production in first quarter 2012 was 2.0 MMboe (million
barrels of oil equivalent) of which 63% was oil and condensate,
compared to 2.3 MMboe in the first quarter 2011 of which 68% was
oil and condensate.
Triangle Petroleum is a high-growth oriented energy company with
a current strategic focus on developing the Bakken Shale and Three
Forks formations in the Williston Basin of North Dakota and
Montana. Triangle has acquired approximately 86,000 net acres in
the Williston Basin.
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