A working meeting took place today between Alexey Miller, Chairman of the Gazprom Management Committee and Debora Giorgi, Industry Minister of the Argentine Republic as part of the 4th St. Petersburg International Gas Forum.
The meeting participants looked at the development prospects for the bilateral cooperation in the gas sector, with an emphasis on exploration and production of gas from Argentine gas fields. Consideration was also given to supplies of liquefied natural gas from Gazprom Group's portfolio to the country.
Argentina's proven natural gas and oil reserves average 300 billion cubic meters and 300 million tons accordingly. In 2013 Argentina produced nearly 35.5 billion cubic meters of natural gas and 30.5 million tons of oil and consumed 48 billion cubic meters and 29.4 million tons accordingly.
In 2013 Gazprom Marketing & Trading won an international tender for the supply of 15 LNG cargoes with a total volume of one million tons from Gazprom Group's portfolio to Argentina between 2014 and 2015.
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GAZPROM - The parties discussed relevant issues related to bilateral cooperation, including the Baltic LNG project. Emphasis was placed on the priority measures aimed at developing a joint design concept (pre-FEED).
BHGE - U.S. Rig Count is up 11 rigs from last week to 1,063, with oil rigs up 8 to 869, gas rigs up 4 to 193, and miscellaneous rigs down 1 to 1. Canada Rig Count is up 13 rigs from last week to 195, with oil rigs up 8 to 127 and gas rigs up 5 to 68.
REUTERS - Brent crude futures had risen $1.02 cents, or 1.3 percent, to $81.28 a barrel by 0637 GMT. The contract dropped 3.4 percent on Thursday following sharp falls in equity markets and indications that supply concerns have been overblown. U.S. West Texas Intermediate (WTI) crude futures were up 80 cents, or 1.1 percent, at $71.77 a barrel, after a 3 percent fall in the previous session. WTI is on track for a 3.5 percent drop this week.
EIA - Brent crude oil spot prices averaged $79 per barrel (b) in September, up $6/b from August. EIA expects Brent spot prices will average $74/b in 2018 and $75/b in 2019. EIA expects West Texas Intermediate (WTI) crude oil prices will average about $6/b lower than Brent prices in 2018 and in 2019.