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ENERGY MARKETS REPORT INCLUDING: Oil production in Alaska fell 4.4% to 550,252 barrels a day in August
Prices in WTI crude futures have been volatile throughout the European morning session, as the market waits for US Employment data today and tomorrow.
Oil & Gas News:
Oil production in Alaska fell 4.4% to 550,252 barrels a day in August, as maintenance curbed output from BP’s Northstar field for most of the month.
Oil production in Russia rose 0.9% to 10.06 mln BPD in August, at levels close to the post-Soviet record set in June.
China plans to spend CNY 250bln to CNY 300bln under its new five-year development plan to boost offshore oil production by 50mln metric tonnes
GDF Suez has flowed significant gas volumes from an exploration well drilled on the Sierra prospect, off the Netherlands, potentially opening up a new fairway in the Dutch sector of the North Sea.
Corporate News:
Tullow Oil is beefing up its East African portfolio, taking 50% stakes in six exploration licences in the Kenyan and Ethiopian sectors of the East African Rift basin. Tullow will become the operator of five licences as part of a deal with Canadian explorer Africa Oil, building on a farm-in agreement on a sixth block in the same region announced in August with Canada's Centric Energy. Tullow said it would reimburse pro-rata past costs in each block and pay Africa Oil's future costs up to USD 23.75mln
Gazprom saw its profit for the first quarter of the year more than triple on the back of a foreign exchange gain, adding it had cut its net debt by more than 30%. Net income climbed to RUB 325bln, from RUB 103.7bln last year, beating the analysts estimate of RUB 316.4bln
Petrobas has agreed to pay the Brazilian government USD 42.5bln in new stock for rights to develop 5bln barrels of oil from six fields, including key deep-water discoveries such as Franco where half the oil will be drilled from. The USD 8.51 per barrel is seen at the high end of what was expect, which could limit interest in a related share offer that could raise as much as $25 billion more in cash.
Operations have resumed at a Stena Don oil rig drilling in waters near Greenland for Cairn Energy, after a fierce storm forced the four Greenpeace activists occupying the rig Stena Don to abandon their protest early this morning.
**BP & The Gulf of Mexico Oil Spill**:
BP expects to remove a failed blowout preventer atop its ruptured Gulf of Mexico oil well by Saturday or Sunday and later plug the leak for good, the top US official overseeing the spill response said.
Weather news:
The Weather Insight forecast sees temperatures for the next 6-10 days in the US to be 0.5F above the 10-year average for this time of year and 2.2F higher than the 30-year average
• Northeast: forecasts that temperatures have fallen 0.1F over the last 12 hrs
• Texas: forecasts that temperatures have fallen 0.2F over the last 12 hrs
• Southeast: forecasts that temperatures have risen 1.5F over the last 12 hrs
• West: forecasts that temperatures have fallen 0.1F over the last 12 hrs hrs
The NHC reports that Hurricane Earl has strengthened again, and now a Hurricane watch has been issued north of Sagamore Beach Massachusetts to Plymouth Massachusetts, and west of Woods Hole Massachusetts to Westport Massachusetts. The NHC also report that Tropical Storm Fiona is moving north-westward and a tropical storm watch has been issued for Bermuda.
