SAIPEM CONTRACT: $1.5 BLN
TO&GY wrote, Eni engineering and construction subsidiary Saipem on Thursday announced the award of offshore engineering and construction contracts with a combined value of more than USD 1.5 billion, including work related to the Zohr gasfield development project in Egyptian waters.
While not specifying an amount, Saipem noted that the Egypt contract award by Petrobel was its "most significant" one. The work awarded by the Eni-Egypt General Petroleum Corporation joint venture will see Saipem install trunklines and carry out engineering, procurement, construction and installation work on 6 wells and their umbilical systems in 1,700m of water. The company expects to fulfil the scope of its contract by the end of 2017.
"We will mobilize a fleet of vessels with last-generation capabilities, and leverage on our proven expertise and consolidated presence in the area, in order to ensure our clients achieve their targets," Saipem CEO Stefano Cao said in a press release. The company aims to deploy its Castorone pipelaying vessel, the semisubmersible pipelayer Castoro Sei and pipelay barge Castoro 10, among other vessels.
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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.