Echo Energy reports Argentina well encounters wet gas

Echo Energy PLC, a UK company focused on Latin America, announced CSo-2001(d) well in an Argentina drilling campaign encountered what company executives are calling “a notable gas column,” with initial results indicating wet gas. Source: News

Northern Territory lets gas pipeline contract to AGIG

Newmont Mining Corp. has awarded Australian Gas Infrastructure Group (AGIG) a $170-million (Aus.) contract to build a new gas pipeline in the Northern Territory. Source: News

Eni has second Faghur basin deep strike

Eni reports a second discovery in its exploration of deep sequences of the Faghur basin in Egypt’s Western Desert. Source: News

Eni Norge-Point Resources combo to expand

Vaar Energy AS, to be formed by the merger of Eni Norge AS and Point Resources AS, will spend $8 billion during the next 5 years to raise production offshore Norway to 250,000 boe/d of oil and natural gas from the companies’ combined output of 180,000 boe/d, according to a press release. Source: News

MARKET WATCH: NYMEX, Brent crude oil prices diverge to end week

The light, sweet oil price for August delivery rose July 6 to settle at $73.80/bbl on the New York market amid concerns about possible supply disruptions even while some members of the Organization of Petroleum Exporting Countries are raising oil production. Source: News