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2014-05-24 18:50:00

ENI WON GAZPROM

ENI WON GAZPROM

Italian oil major Eni has won a major concession from Gazprom, after the Russian group agreed to use spot market gas prices rather than oil indexation in its long-term gas supply contracts.

Gazprom, which signed a $400bn, 30-year supply deal with CNPC of China this week, had previously resisted pressure from its European customers to remove the oil link from its supply deals and use hub prices instead.

Over the past few years, several buyers of Russian gas have taken Gazprom to arbitration to negotiate price reductions.

Eni said it had signed an agreement with Gazprom on Friday to revise the terms of its contracts involving a reduction in prices and "an important change in the price indexation to fully align it with the market".

The revisions also allow Eni to recover gas it has already paid for but not received under take-or-pay contracts. It said the changes will apply retrospectively to the start of 2014.

Bernstein Research said oil-linked prices have averaged $10.95 per 1,000 cubic feet this year, while the Italian spot price for gas has averaged $9.87/mcf, so switching to spot prices in its Gazprom contracts could add €506m to the operating profit of Eni's gas and power division.

The business made an average annual loss of €0.15bn between 2011 and 2013 as the price at which Eni sold its gas fell more quickly than the price it bought the gas for on its oil-indexed contracts. But Bernstein said the contract renegotiations with Gazprom and other suppliers would return the business to profitability.

Eni announced in March that it had also renegotiated its long-term supply contract with Statoil of Norway, without divulging the new price. It has also revised its deals with Algeria, another major gas exporter to Europe.

ft.com

Tags: ENI, GAZPROM, GAS

Chronicle:

ENI WON GAZPROM
October, 23, 11:15:00

LIBYAN OIL PRODUCTION 1 MBD

Libya’s oil production increased steeply to the current level of 850,000 b/d from a low point in August 2016 of below 300,000 b/d. Production surpassed 1 million b/d in July.

ENI WON GAZPROM
October, 23, 11:10:00

SCHLUMBERGER NET INCOME $545 MLN

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ENI WON GAZPROM
October, 23, 11:05:00

BAKER HUGHES NET LOSS $104 BLN

“The combination of GE Oil & Gas and Baker Hughes closed on July 3, and we are pleased with our progress during our first operating quarter. Despite the continuing challenging environment, we delivered solid orders growth and secured important wins from customers, advanced existing projects and enhanced our technology offerings in the quarter. We also achieved key integration milestones and made significant progress working as a combined company. I am now more convinced than ever that we combined the right companies at the right time,” said Lorenzo Simonelli, BHGE chairman and chief executive officer.

ENI WON GAZPROM
October, 23, 11:00:00

U.S. RIGS DOWN 15 TO 913

U.S. Rig Count is up 360 rigs from last year's count of 553, with oil rigs up 293, gas rigs up 69, and miscellaneous rigs down 2 to 2. Canada Rig Count is up 59 rigs from last year's count of 143, with oil rigs up 38 and gas rigs up 21.

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