VNG FOUND OIL
REUTERS. German gas company VNG made a sizable oil discovery in the Norwegian Sea in the Pil prospect and there is potential for an even bigger resource in the licence, it said on Thursday.
VNG, a relative newcomer to Norway, found between 50 and 170 million barrels of recoverable oil equivalents, including up to 113 million barrels of oil near Statoil's Njord field, the firm said.
VNG, which operates 11 licences on the Norwegian Continental Shelf, said the discovery has considerable additional upside potential and it would now drill sidetracks and plans further exploration in the licence next year.
Tests on the well showed "excellent" flow properties and a continuous reservoir, capable of sustaining high flow rates, Rocksource, a partner in the find said.
Shares in Rocksource surged 40 percent on news of the discovery while Faroe Petroleum, another partner, rose 11 percent.
VNG and Spike Exploration each hold 30 percent of the licence, Faroe has 25 percent and Rocksource has 15 percent.
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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.