GAZPROM & CHINA: SEQUENTIAL DEVELOPMENT
A Gazprom delegation headed by Alexey Miller, Chairman of the Company's Management Committee, paid a working visit to China today.
During the visit a meeting was held between Alexey Miller and Zhang Gaoli, First Vice Premier of China's State Council.
The parties addressed strategic bilateral cooperation. It was noted that the collaboration between Gazprom and Chinese energy companies and financial institutions was consistently developing.
The meeting discussed issues related to pipeline exports of Russian gas to China. In particular, the meeting focused on the eastern and western routes. Progress was recorded in all areas of cooperation.
Another meeting was held today between Alexey Miller and Wang Yilin, Chairman of the Board of Directors of CNPC. Particular attention was given to gas exports to China via the western route. The parties also addressed prospective collaboration in the field of underground gas storage in China, power generation, and use of gas as a vehicle fuel.
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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.