ZOHR INCREASES OUTPUT
BLOOMBERG - Egypt is working with Eni SpA, operator of the giant Zohr gas field, to fast-track output and end the country's need to import liquefied natural gas as early as this year, Oil Minister Tarek el-Molla said.
Zohr, the largest undersea gas discovery in the Mediterranean, will pump 1.7 billion cubic feet per day before the end of 2018, el-Molla said in a televised ceremony to inaugurate the field. Egypt is talking with Rome-based Eni to increase output to reach the 2019 production target this year instead, he said.
"God willing, by the end of the year when we reach the second phase of production, we can stop importing LNG," el-Molla said Wednesday.
Zohr's reserves -- estimated at about 30 trillion cubic feet -- may offer a permanent solution to the power shortages of the most populous Arab nation. The field's output will also help ease pressure on Egypt's economy, which has struggled with a shortage of foreign currency since a 2011 uprising. Egypt now imports liquefied natural gas, or LNG, at a high cost to meet its energy needs, and Zohr's production could put an end to the tenders that suppliers from Glencore Plc to Trafigura PTE Ltd. have won in past years.
"The 350 billion cubic feet that we're now producing can save us from buying three cargoes of LNG, which means we can save $60 million per month -- about $720 million a year," el-Molla said. "By the end of 2018, when the country reaches self-sufficiency, it will be able to save $250 million a month."
Zohr, which Eni discovered in August 2015, has had a target of pumping 2.7 billion cubic feet per day by the end of 2019. Russia's state-owned producer Rosneft PJSC closed a deal in October to acquire 30 percent of the field, and BP Plc bought a 10 percent stake last year.
Zohr's output is not only moving Egypt closer toward achieving energy self-sufficiency. It might also restore the nation as a gas supplier for the eastern Mediterranean region.
"I want 10 Zohrs," Egypt's President Abdel-Fattah El-Sisi said at the televised ceremony, prompting laughter from other officials.
|August, 17, 12:01:00|
|August, 17, 11:55:00|
|August, 17, 11:50:00|
|August, 17, 11:45:00|
|August, 17, 11:40:00|
|August, 17, 11:35:00|
U.S. FRB - Industrial production edged up 0.1 percent in July after rising at an average pace of 0.5 percent over the previous five months. Manufacturing production increased 0.3 percent, the output of utilities moved down 0.5 percent, and, after posting five consecutive months of growth, the index for mining declined 0.3 percent. At 108.0 percent of its 2012 average, total industrial production was 4.2 percent higher in July than it was a year earlier. Capacity utilization for the industrial sector was unchanged in July at 78.1 percent, a rate that is 1.7 percentage points below its long-run (1972–2017) average.
NPD - Preliminary production figures for July 2018 show an average daily production of 1 911 000 barrels of oil, NGL and condensate, which is an increase of 64 000 barrels per day compared to June.
ГАЗПРОМ НЕФТЬ - Выручка** «Газпром нефти» за 6 месяцев 2018 года увеличилась на 24,4% по сравнению с аналогичным показателем прошлого года и составила 1 трлн 137,7 млрд руб. Положительная конъюнктура рынка нефти и нефтепродуктов, увеличение добычи на новых проектах компании и эффективные действия менеджмента «Газпром нефти» обеспечили рост показателя скорректированная EBITDA (прибыль до уплаты процентов, налога на прибыль и амортизации) на 49,8% по сравнению с уровнем первого полугодия 2017 года — до 368,2 млрд руб. Чистая прибыль, относящаяся к акционерам ПАО «Газпром нефть», за 6 месяцев 2018 года составила 166,4 млрд руб., увеличившись на 49,6%. Рост операционного денежного потока компании, а также завершение основных инфраструктурных инвестиций на новых проектах в добыче обеспечили получение положительного свободного денежного потока за первое полугодие 2018 года в размере 47,5 млрд руб.
REUTERS - Front-month Brent crude oil futures LCOc1 were at $72.34 per barrel at 0648 GMT, down by 12 cents, or 0.2 percent, from their last close. U.S. West Texas Intermediate (WTI) crude futures CLc1 were down 23 cents, or 0.3 percent, at $66.81 per barrel.