ENI & CYPRUS COOPERATION
NGE wrote, the president of the Republic of Cyprus, Nicos Anastasiades and the CEO of Italian major Eni, Claudio Descalzi, met in Nicosia July 5, Eni said, giving no reason for the timing.
Eni said the meeting was "an opportunity to jointly review and discuss Eni's current activities in the country and the potential development for future opportunities." In January the government extended the Eni-Kogas license for blocks 2,3 and 9 by two years so it expires in February 2018.
Descalzi confirmed that Eni remained "highly committed to Cyprus hydrocarbons exploration and to the eastern Mediterranean in general." The company will be working proactively with the government of Cyprus in order to maximize the exploitation of the Country's hydrocarbon resources.
Eni also illustrated to the Anastasiades the possible synergies related to future energy projects in the eastern Mediterranean, an area that could represent an important diversification source and route for the energy supply in Europe.
Eni is the operator of the giant Zohr field offshore Egypt, which is close to the boundary with Cyprus. It is due to start up in 2017, with domestic demand expected to account for some of the output.
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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.