ROSNEFT INVITES NOV
OGPE. Rosneft (MOEX: ROSN) has invited National Oilwell Varco (NOV) to jointly manufacture offshore drilling platforms at OJSC Zvezda Far Eastern Yard in Primorye.
Rosneft President Igor Sechin proposed formation of a working group to develop more detailed plans for cooperation and preparation of a memorandum of understanding at a meeting in Seoul with NOV CEO Joe Rovig and Senior Vice President Connie Watson.
Sechin also said that Rosneft planned to overhaul its fleet of drilling equipment under the technical re-equipment program at drilling division RN-Burenie. "In that connection, Rosneft invites you to participate in developing designs for onshore drilling rigs and putting localization principles into practice by placing orders for construction of a Russian plant," Rosneft said.
National Oilwell Varco is a worldwide leader in the design, manufacture and sale of equipment and components used in oil and gas drilling and production, the provision of oilfield inspection and other services, and supply chain integration services to the upstream oil and gas industry. The company includes more than 800 enterprises and sales and service centers worldwide, including the U.S., Canada, South Korea, Norway, UEA, Mexico and Russia. Revenue totaled $22.7 billion last year.
The company has delivered its equipment to the Russian market for 25 years, under various brand names: National Oilwell Varco, Dreco, Varco, Kremco, Cardwell, Cooper, Ideco, National, RMI, Wilson, Franks and Skytop Brewster.
Zvezda Far Eastern Yard specializes in nuclear-powered submarine maintenance, overhaul and upgrades. Federal property management agency Rosimushchestvo owns 52.55% of shares and Far Eastern Shipbuilding and Ship Repair Center (DCSS) has 47.45%.
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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.