NORWAY'S PRODUCTION DOWN 102 TBD
NPD - Preliminary production figures for November 2017 show an average daily production of 1 813 000 barrels of oil, NGL and condensate, which is a decrease of 102 000 barrels per day compared to October.
Total gas sales were 10.9 billion Sm3 (GSm3), which is an increase of 0.2 GSM3 from the previous month.
Average daily liquids production in November was: 1 466 000 barrels of oil, 316 000 barrels of NGL and 31 000 barrels of condensate.
Oil production is approx. 9 percent lower than the NPD's forecast, and about 1.7 percent below the forecast so far this year.
The main reasons that production in November was below forecast is that Goliat was closed during the whole month and production from Gina Krog, Draugen and other fields was less than expected, some of the reasons being technical problems and maintenance work.
The total petroleum production for the first eleven months in 2017 is about 217.2 million Sm3 oil equivalents (MSm3 o.e.), broken down as follows: about 84.5 MSm3 o.e. of oil, about 20.0 MSm3 o.e. of NGL and condensate and about 112.7 MSm3 o.e. of gas for sale. The total volume is 5.3 MSm3 o.e. higher than in 2016.
Final production figures from October 2017 show an average daily production of about 1.527 million barrels of oil, 0.388 million barrels of NGL and condensate and a total of 10.7 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.