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Geopolitical Risk Rebounds

Politics, Geopolitics & Conflict

The U.S. launched a drone strike in the Iraqi capital this week, killing a commander of Iran-backed Kai’tab Hezbollah, just days after the group had announced it had suspended all attacks against the U.S. following the death of three American soldiers in Jordan. This U.S. attack, as well as attacks on U.S. positions by pro-Iranian groups in Iraq threaten to dangerously destabilize the divided country.

Israel rejected a Hamas offer for a ceasefire deal that would have seen a hostage swap and an eventual end to the conflict, on the condition that Israel withdraw its forces. The rejection led to some market volatility this week.

In Ukraine, President Zelensky replaced his top military commander this week, following rumors of a pending shakeup. The top general who has now stepped down was under pressure from Kyiv allegedly for failing to penetrate Russian defenses. There are concerns that the shakeup will lead to less stability within the ranks; however, so far there are no indications of this.

Discovery & Development

Sintana Energy, together with Galp through the AVO-2 consortium, has successfully drilled and logged a deeper target in the Mopane-1X well in Namibia. Galp also made another discovery within Mopane-1X, with a second substantial column of light oil identified. A drill stem test will now be conducted to establish commercial viability.

Canada-Newfoundland and Labrador Offshore Petroleum…

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