NORWAY'S OIL PRODUCTION UP TO 30%
According to NPD, Preliminary production figures for October 2016 show an average daily production of 2 099 000 barrels of oil, NGL and condensate, which is an increase of 486 000 barrels per day (approx. 30 percent) compared to September.
Total gas sales were 10.8 billion Sm3 (GSm3), which is an increase of 4.5 GSM3 from the previous month.
Average daily liquids production in October was: 1 714 000 barrels of oil, 352 000 barrels of NGL and 33 000 barrels of condensate. The oil production is about 4 percent above the oil production in October last year and is about 10 percent above the NPD's prognosis.
The total petroleum production for the first ten months in 2016 is about 190.9 million Sm3 oil equivalents (MSm3 o.e.), broken down as follows: about 77.3 MSm3 o.e. of oil, about 18.3 MSm3 o.e. of NGL and condensate and about 95.3 MSm3 o.e. of gas for sale. The total volume is 1.9 MSm3 o.e. higher than in 2015.
Final production figures from September 2016 show an average daily production of about 1.397 million barrels of oil, 0.216 million barrels of NGL and condensate and a total of 6.3 billion Sm3 saleable gas production.
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AN - China National Offshore Oil Corp. (CNOOC) is willing to invest $3 billion in its existing oil and gas operation in Nigeria, the Nigerian National Petroleum Corporation (NNPC) said on Sunday following a meeting with the Chinese in Abuja.
REUTERS - Production at Libya’s giant Sharara oil field was expected to fall by at least 160,000 barrels per day (bpd) on Saturday after two staff were abducted in an attack by an unknown group, the National Oil Corporation (NOC) said.
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.