Articles
Debt can let shareholders control more oilfields, but it can also leave them with little of the economics. Tullow’s latest shock shows how valuable producing assets can survive while leverage erodes the equity beneath them.
Podcasts
An audio version of my World Energies Summit 2026 speech on the new global energy order: stronger oil & gas demand, renewed exploration, higher costs of capital, and what the next upstream growth cycle means for companies and investors.
Articles
Harbour Energy’s shareholder base, balance sheet and per-share economics are changing. As legacy holdings unwind and the enlarged portfolio begins to deliver, the case for its valuation discount is becoming harder to sustain.
Public
Resource duration is back, but cheap capital is not. We look at how higher financing costs are reshaping project economics, shareholder returns and who should own long-life oil and gas resources through development.
Articles
Angola’s upstream is moving again. Majors are returning, mature assets are changing hands, smaller companies are gaining exposure, and new exploration is opening up across one of Africa’s most important oil provinces.
Articles
Uganda’s upstream proposition is changing. With a proven basin, rigs and services in-country, EACOP nearing completion and new acreage opportunities emerging, Lake Albert may deserve far more attention from E&P companies than it currently gets.
Podcasts
Suncor’s turnaround shows what can happen when a mature oil-sands business refocuses on execution, reliability and accountability. We look at how stronger operating discipline has improved performance, cash generation and investor confidence.
Articles
Suncor’s turnaround shows how shareholder value can be rebuilt by focusing on the assets already in place. In long-life oil sands, reliability, maintenance and operating discipline can matter more than the next deal or growth project.
Podcasts
BW Energy’s $1.5 billion Maromba project could transform the company. We examine the field’s history, subsurface and execution risks, its sophisticated financing, and whether BWE shareholders are ultimately carrying too much concentrated exposure.
Podcasts
Jadestone built a broader asset portfolio, but shareholders still suffered heavily. This article looks at how growth, operational setbacks and financing strain combined and why the board’s response matters as the company enters its next phase.
Articles
Jadestone built a broader asset portfolio, but shareholders still suffered heavily. This article looks at how growth, operational setbacks and financing strain combined and why the board’s response matters as the company enters its next phase.
Articles
BW Energy has financed Maromba with unusual skill, drawing on its shipping heritage and Asian relationships. But the $1.5bn project is huge relative to BWE. We ask whether shareholders are carrying too much financial, execution and subsurface risk.