BLACK SEA GAS
ExxonMobil and OMV Petrom announced the start of drilling at a well that will help it assess the size and commercial viability of its Domino 1 Black Sea well, the most significant gas discovery in the region to date.
The two companies said on Monday they had started drilling at the Domino 2 well in the deepwater sector of the Neptun block in Romanian waters, which is about 200 kilometres (124 miles) offshore and is being drilled in a depth of about 800 metres.
Southeast Europe hopes natural gas exploration in the Black Sea will help cut its dependence on Russian supplies, but a gas bonanza remains elusive because deep water and tough geology have required costly high-tech equipment.
ExxonMobil Exploration and OMV Petrom each hold 50 percent of the deepwater sector of the Neptun block.
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REUTERS - Brent crude futures LCOc1 were down 72 cents at $61.49 per barrel at 1020 GMT, having fallen by 1.5 percent on Tuesday, its largest one-day drop in a month. U.S. West Texas Intermediate (WTI) crude CLc1 was at $55.12 per barrel, down 58 cents.
BLOOMBERG - Prices dropped during the session as the International Energy Agency said the recent recovery in oil prices, coupled with milder-than-normal winter weather, is slowing demand growth. The worsening outlook for consumption dampened some of the enthusiasm that OPEC and its allies will extend supply curbs.
Global energy needs rise more slowly than in the past but still expand by 30% between today and 2040. This is the equivalent of adding another China and India to today’s global demand.
Product exports have grown significantly over the past several years and are expected to continue to grow as Russian refineries add capacity to produce more high-quality products.