NORWAY'S OIL PRODUCTION DOWN 344 TBD
NPD wrote, Preliminary production figures for September 2016 show an average daily production of 1 591 000 barrels of oil, NGL and condensate, which is a decrease of 344 000 barrels per day (approx. 18 percent) compared to August.
Total gas sales were 6.4 billion Sm3 (GSm3), which is a decrease of 1.6 GSM3 from the previous month.
Average daily liquids production in September was: 1 375 000 barrels of oil, 186 000 barrels of NGL and 30 000 barrels of condensate. The oil production is about 11 percent below the oil production in September last year and is about 4 percent below the NPD's prognosis.
Production is less than last month and the main reason for this is that several fields were closed for maintenance. Production on Goliat started again on the 27th September.
The total petroleum production for the first nine months in 2016 is about 169.5 million Sm3 oil equivalents (MSm3 o.e.), broken down as follows: about 68.7 MSm3 o.e. of oil, about 16.4 MSm3 o.e. of NGL and condensate and about 84.4 MSm3 o.e. of gas for sale. The total volume is 1.4 MSm3 o.e. higher than in 2015.
Final production figures from August 2016 show an average daily production of about 1.572 million barrels of oil, 0.364 million barrels of NGL and condensate and a total of 8.0 billion Sm3 saleable gas production.
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IMF - Output grew by 3.8 percent in 2017, underpinned by a resilient non-hydrocarbon sector, with robust implementation of GCC-funded projects as well as strong activity in the financial, hospitality, and education sectors. The banking system remains stable with large capital buffers. Growth is projected to decelerate over the medium term.
IMF - Higher oil prices and short-term portfolio inflows have provided relief from external and fiscal pressures but the recovery remains challenging. Inflation declined to its lowest level in more than two years. Real GDP expanded by 2 percent in the first quarter of 2018 compared to the first quarter of last year. However, activity in the non-oil non-agricultural sector remains weak as lower purchasing power weighs on consumer demand and as credit risk continues to limit bank lending.