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2014-09-18 17:35:00

NORWAY OIL & GAS DOWN

NORWAY OIL & GAS DOWN

A preliminary report from the the Norwegian Petroleum Directorate (NPD) shows oil and gas output in Norway decreased in August compared to July, Reuters reported. The report found oil production reached 1.485 million barrels per day in August, down from 1.5 million bpd in July. Previously, NPD also revised figures for oil production down from the preliminary July figures of 1.524 million bpd for oil. The NPD said natural gas output in August hit 7.3 billion cubic meters, which is lower than the final July count of 7.98 billion cubic meters.

Last month, Bente Nyland, head of the NPD, said the agency expected oil production forecasts to be lower than originally expected, Bloomberg reported. After hitting peak production in 2000, oil production has slowed and oil and gas investments have decreased. Norway's oil and gas firm Statoil said it plans to reduce oil investments over the next three years by 8 percent.

"There's a large gap between what's profitable for society and what's profitable for companies," said Nyland, according to Bloomberg. "That might be the biggest obstacle."

pennenergy.com

Tags: NORWAY, OIL, GAS, STATOIL

Chronicle:

NORWAY OIL & GAS DOWN
2018, June, 22, 13:10:00

THE LARGEST VENEZUELA'S OIL

U.S. EIA - Venezuela holds the largest oil reserves in the world, in large part because of the heavy oil reserves in the Orinoco Oil Basin. In addition to oil reserves, Venezuela has sizeable natural gas reserves, although the development of natural gas lags significantly behind that of oil. However, in the wake of political and economic instability in the country, crude oil production has dramatically decreased, reaching a multi-decades low in mid-2018.

NORWAY OIL & GAS DOWN
2018, June, 22, 13:05:00

U.S. DEFICIT UP FROM $116.1 BLN TO $124.1 BLN

U.S. BEA - The U.S. current-account deficit increased to $124.1 billion (preliminary) in the first quarter of 2018 from $116.1 billion (revised) in the fourth quarter of 2017, according to statistics released by the Bureau of Economic Analysis (BEA). The deficit was 2.5 percent of current-dollar gross domestic product (GDP) in the first quarter, up from 2.4 percent in the fourth quarter.

NORWAY OIL & GAS DOWN
2018, June, 22, 13:00:00

EUROPE'S NUCLEAR INVESTMENT : €50 BLN

WNN - There are 126 operational power reactors in 14 EU Member States, providing more than one-quarter of the bloc's total electricity production. In its Communication on the Nuclear Illustrative Program (PINC) published last year, the European Commission expects nuclear to maintain its significant role in Europe's energy mix up to 2050. This would require investment of some EUR40-50 billion (USD46-58 billion) in nuclear LTO by 2050.

NORWAY OIL & GAS DOWN
2018, June, 20, 13:15:00

OIL PRICE: ABOVE $75

REUTERS - Benchmark Brent crude LCOc1 was up 50 cents at $75.58 a barrel by 0835 GMT. U.S. light crude CLc1 was 50 cents higher at $65.57.

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