ROSNEFT INCREASED DRILLING 27%
Rosneft increased technical drilling volumes at the Company's production assets by 27% in 7 months of 2015. Based on the January through July 2015 results the overall drilling progress accounted to 4.585 mln m, whilst during the same period of 2014 the figure was 3.605 mln m.
Efficient technical drilling increase is a key priority for Rosneft's upstream business dimension, which allows cost-efficient maintaining production at brownfields, and increasing production at greenfields.
Key factors, that boosted technical drilling figures are: increased drilling volumes at RN-Yuganskneftegas assets (increase of drilling progress outpaced the Company's average and accounted to 39.9% - 1.719 mln m in 7 months of 2015 versus 1.229 mln m for the same period last year), and increased pace of drilling of high-technology wells. A critical constituent of the implementation of the campaign aimed at raising production efficiency was improving HSE at production drilling activities (consequently to a comprehensive set of measures a significant reduction in the breakdown rate compared to 2014 was achieved).
In the first 6 months of 2015 Rosneft brought into production more than 800 new wells. The drilling profile is becoming more complex: the number of horizontal wells in the first 6 months of 2015 exceeded 30% of the overall volume of technical drilling (more than 260 wells).
With the scope of increasing efficiency of its core-business Rosneft actively develops in-house drilling service. The expansion of this business dimension based on RN-Burenie subsidiary leads to a significant increase of financial transparency and contracting of drilling services (the pricing of third-party contractors is 5-9% higher). A significant constituent of the implementation of this strategy is the in-house drilling rigs fleet’s expansion (by 2.6 times in 2014 versus 2013 figures). Consequently the Company plans to reach the target level of in-house drilling service of 75-80% in 5 years.
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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.