Deltic rides out the storm
The UKCS explorer’s strong balance sheet allows it to brush off many of the challenges posed by the oil price collapse, but it is still not immune to bearish investor sentiment
It has been a busy 12 months for Deltic Energy, not least with the introduction of a new name for the UK Aim-listed firm formerly known as Cluff Natural Resources. In August last year, it secured approval from the country’s Oil and Gas Authority (OGA) to complete the farm-out of a 50pc stake in its UK continental shelf (UKCS) P2437 licence, containing the Selene prospect, to Shell. This marked the second sale of a stake to the major in less than three months, after it sold 70pc in the Pensacola prospect to Shell at the end of May 2019. But this year’s oil and gas price plunges and Covid-19 pandemic have made life harder—both commercially and operationally—even for a firm at the pre-product
Also in this section
5 March 2026
Gas is a central pillar of Colombia’s energy system, but declining production poses a significant challenge, and LNG will be increasingly needed as a stopgap. A recent major offshore gas discovery offers hope, but policy improvements are also required, Camilo Morales, secretary general of Naturgas, the Colombian gas association, tells Petroleum Economist
4 March 2026
The continent’s inventories were already depleted before conflict erupted in the Middle East, causing prices to spike ahead of the crucial summer refilling season
4 March 2026
The US president has repeatedly promised to lower gasoline prices, but this ambition conflicts with his parallel aim to increase drilling and could be upended by his war against Iran
4 March 2026
With the Strait of Hormuz effectively closed following US-Israel strikes and Iran’s retaliatory escalation, Fujairah has become the region’s critical pressure release valve—and is now under serious threat
