The potential ban from Europe will not stop Russia selling it's oil and gas. It will just send the ships to countries who are not part of the sanctions. In a global market, global supply and global demand determine the POO and POG. What is far more important is the decision by Shell and BP? to remove themselves from Russian oil and gas production. As this expertise is removed, it will be hard to replace and as equipment from the west becomes scarce to maintain production, I would not be surprised to see production from Russia decline. When that happens, and global supply is reduced then you will see the POO and POG reach a new higher floor price and bounce up from that. When that happens, WPL will be in the box seat with Senegal coming on stream next year and more gas being produced via the interconnector. Also, WPL will have sufficient cash flow to be able to fund Scarborough by itself without a sell down. It may want to still sell down as a risk management tool, but it will be a price setter, not a price taker. That is great news for WPL holders.
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