SHELL & CNPC: LNG DEAL
Royal Dutch Shell and the China National Petroleum Corp (CNPC) have signed an agreement for projects in deep sea exploration, LNG, upstream and downstream, CNPC announced.
The agreement was signed by Shell chief executive Ben van Beurden and CNPC chairman Zhou Jiping in Beijing on Tuesday.
Shell also plans to partner with CNPC to build a US$12.6 billion refinery and petrochemical complex in eastern China, a project that could become the single largest foreign investment in the country.
The Dutch supermajor is also a major supplier of LNG to China, securing gas from its global gasfields in Australia, Qatar and elsewhere.
"The two companies will strengthen long-term worldwide co-operation in unconventional resources, deep water, LNG, and upstream and downstream businesses," CNPC said.
"Both agree to take soft power as an integral part in various fields of cooperation, and to promote the strategic partnership between the two sides to a higher level."
A Shell spokesperson said to Upstream: "In line with Shell's strategic priorities in China, we have signed with CNPC a global alliance agreement that reconfirms both parties' commitment to our existing strategic partnership in China and around the world.
"Under the agreement, the companies also commit to expanding bilateral project cooperation into softer areas of the business including HSE management, corporate social responsibility, human resources, corporate culture, technology innovation as well as international management."
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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.