HALLIBURTON DEVELOPS YAMAL
Halliburton has executed the first contract geological assessment of Karasevskoe and Yuzhno-Tanlovskoe oil, gas and condensate fields (Project YAMAL) in partnership with Fund Energy, the company reported in a news release. Fund Energy acquired the rights for development of the two fields in public auctions held by the Russian Federal Subsoil Resources Management Agency in 2012 and 2013.
This first contract fits within the framework of a Memorandum of Understanding signed in January 2014 for strategic cooperation in the geological assessment and development of Project YAMAL and other Fund Energy oil and gas projects in Eastern and Western Siberia. Konstantin Schilin, Halliburton's vice president for Russia Operations, noted that this contract will help the company develop its business in the Yamal region.
Based on plans developed for Project YAMAL, Halliburton will use its expertise in unconventional and mature fields to analyze old exploration wells to obtain subsurface insight and discover new pay zones for potential reactivation. In addition, the company will assist in the development of project documentation for construction of exploration and production wells, and core sedimentology study and log interpretation. Halliburton will provide support for rig sourcing, well construction design, planning and execution of Fund Energy's drilling program in 2014-2015.
According to Gene Minnich, Halliburton's vice president for Eurasia, "this strategic arrangement is an integral part of our Russia strategy; and demonstrates our ability to develop new relationships with Russian customers that will bring technology to the forefront, take an integrated services approach, and allow for negotiated contract opportunities with Fund Energy".
Halliburton will also support Fund Energy's bid to work with the Export-Import Bank of the United States to arrange long term financing for developing their projects.
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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.