LIBYAN OIL OUTPUT: DOWN
Libya's energy recovery has suffered its first major setback, with output falling below 700,000 barrels a day after insecurity forced the country's largest oil field to shut down, oil officials said Wednesday.
The North African nation's oil production had risen to 870,000 barrels a day on Sunday—nearly six times the level of late May—after deals with militants and protesters allowed fields and ports to reopen.
Production has been temporarily shut down at the 340,000-barrels-a-day Sharara field after a rocket hit a tank at the terminal it supplies, the Libyan oil officials said.
The port's area in the city of Zawiya has been embroiled in clashes between Islamists-backed militias and their nationalist rivals. During a previous battle that ended up with the Islamists seizing Tripoli last month, several fuel tanks caught fire after being hit by shells.
Libya's internationally recognized government and parliament are now rivalled by Islamist ones in Tripoli and were forced to relocate to the Eastern city of Tobruk.
Abdelmajid Shagan, a former engineer with Waha Oil Co., a Libyan oil joint-venture with U.S. companies, has been proposed to parliament as energy minister, according to lawmaker Musab Elabed.
Libyan officials have said the position of oil minister would be discontinued.
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Libya’s oil production increased steeply to the current level of 850,000 b/d from a low point in August 2016 of below 300,000 b/d. Production surpassed 1 million b/d in July.
- Revenue of $7.9 billion increased 6% sequentially - Pretax operating income of $1.1 billion increased 11% sequentially - GAAP EPS, including Cameron integration-related charges of $0.03 per share, was $0.39 - EPS, excluding Cameron integration-related charges, was $0.42 - Cash flow from operations was $1.9 billion; free cash flow was $1.1 billion
“The combination of GE Oil & Gas and Baker Hughes closed on July 3, and we are pleased with our progress during our first operating quarter. Despite the continuing challenging environment, we delivered solid orders growth and secured important wins from customers, advanced existing projects and enhanced our technology offerings in the quarter. We also achieved key integration milestones and made significant progress working as a combined company. I am now more convinced than ever that we combined the right companies at the right time,” said Lorenzo Simonelli, BHGE chairman and chief executive officer.
U.S. Rig Count is up 360 rigs from last year's count of 553, with oil rigs up 293, gas rigs up 69, and miscellaneous rigs down 2 to 2. Canada Rig Count is up 59 rigs from last year's count of 143, with oil rigs up 38 and gas rigs up 21.