GAZPROM & BOLIVIA COOPERATION
Tarija hosted a working meeting between Alexey Miller and Evo Morales, President of the Plurinational State of Bolivia. The parties discussed a wide range of issues relating to the ongoing and future energy cooperation. This collaboration was noted to be strategic and long-term.
Another working meeting was held between Alexey Miller and Luis Alberto Sanchez, Bolivian Minister of Hydrocarbons and Energy. The meeting addressed further business development of Gazprom in Bolivia.
Following the meetings a number of documents on energy cooperation were signed in the presence of Evo Morales, President of Bolivia.
Alexey Miller and Guillermo Acha, President of Yacimientos Petroliferos Fiscales Bolivianos, inked the Agreement on strategic cooperation.
The Agreement stipulates the collaboration in the exploration, production and transportation of hydrocarbons, construction and upgrading of oil and gas infrastructure, as well as building of power generation capacities in Bolivia. In addition, the Agreement covers joint efforts for the Bolivian NGV market development and the scientific and technical cooperation. Pursuant to the Agreement the parties may also consider possible joint participation in energy projects outside Russia and Bolivia.
Alexey Miller and Luis Alberto Sanchez signed the Memorandum of Understanding to promote the use of liquefied natural gas. The Memorandum reflects the intent of the parties to implement projects aimed at using natural gas as a fuel in passenger, freight and river transportation in Bolivia, as well as for autonomous supply purposes.
Sergey Tumanov, Managing Director of Gazprom EP International Services B.V., Luis Alberto Sanchez and Guillermo Acha inked the Agreement on updating the General Scheme for the Bolivian gas industry development until 2040. The General Scheme defines the development areas for the national fuel and energy sector in hydrocarbon exploration, production, processing, transportation, and marketing.
"The energy industry of Bolivia is rapidly evolving. Today's documents offer new opportunities for Gazprom to expand its presence in this promising market. It will definitely move forward the Bolivian fuel and energy sector to a qualitatively new level and contribute to solving current economic issues in the country," said Alexey Miller.
The visit was marked by the ceremony of granting the title of Tarija's Guest of Honor to Alexey Miller.
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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.