THE LARGEST NORWEGIAN OIL
According to NPD, preliminary production figures for July 2016 show an average daily production of 2 136 000 barrels of oil, NGL and condensate.
Oil Production was 1 728 000 barrels, and is the largest monthly oil production volume in five years (March 2011). Total gas sales were 9.1 billion Sm3 (GSm3), which is an increase of 0.9 GSM3 from the previous month.
Average daily liquids production in July was: 1 728 000 barrels of oil, 375 000 barrels of NGL and 33 000 barrels of condensate.
The oil production is 10 percent above the oil production in July last year and is nine percent above the NPD's prognosis for July 2016. It is an increase of 322 000 barrels of oil per day (about 18 percent) compared to June 2016. It is usual with somewhat of a decrease in production in June because of some fields being closed for maintenance.
The high level of production in July is due to many fields producing above prognosis, and because Goliat is now contributing considerably and is the fourth largest oil producer in July.
The total petroleum production for the first seven months in 2016 is about 138.1 million Sm3 oil equivalents (MSm3 o.e.), broken down as follows: about 54.4 MSm3 o.e. of oil, about 13.6 MSm3 o.e. of NGL and condensate and about 70.1 MSm3 o.e. of gas for sale. The total volume is 7.3 MSm3 o.e. higher than in 2015.
Final production figures from June 2016 show an average daily production of about 1.449 million barrels of oil, 0.365 million barrels of NGL and condensate and a total of 8.2 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.