BASHNEFT SIGHS IN MYANMAR
Bashneft International B.v. , a wholly owned subsidiary of JSOC Bashneft, signed a Production Sharing Contract (PSC) for oil Block ЕР-4 with Myanmar Oil and Gas Enterprise (MOGE). The signing bonus will total US$ 4 million. Bashneft International B.v. is the operator of the project, holding a 90% stake, while Sun Apex Holdings Ltd from Myanmar holds the remaining 10%.
Under the PSC for Block ЕР-4, the partners shall implement a three-year geological exploration programme, which may be extended for another three-year period and includes seismic surveys and drilling of two exploration wells. Investments in the geological exploration programme shall total US$ 38.3 million.
Block EP-4 with the area of 841 sq. km is located in the Central Burma Basin. 2D seismic surveys covering 132 linear kilometres have been conducted at the site, and three prospecting wells have been drilled, which have uncovered six promising oil-bearing formations. Block EP-4 is located in an area with well-developed oil and gas transportation and processing infrastructure.
Bashneft gained the right to conclude the Production Sharing Contract for Block ЕР-4 in October 2013, when it won the Onshore Blocks Second Bidding Round conducted by the Ministry of Energy of the Republic of the Union of Myanmar.
|October, 15, 12:30:00|
|October, 15, 12:25:00|
|October, 15, 12:20:00|
|October, 15, 12:15:00|
|October, 15, 12:10:00|
|October, 15, 12:05:00|
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.