NORWAY'S OIL PRODUCTION DOWN 128 TBD
NPD - Preliminary production figures for May 2017 show an average daily production of 1 980 000 barrels of oil, NGL and condensate, which is a decrease of 128 000 barrels per day compared to April.
Total gas sales were 9.3 billion Sm3 (GSm3), which is a decrease of 1.2 GSM3 from the previous month. "The decline in gas sales is as expected, caused by natural fluctuations in the market," says assistant director Kirsti Veggeland.
Average daily liquids production in May was: 1 612 000 barrels of oil, 349 000 barrels of NGL and 18 000 barrels of condensate. The oil production is about 2.8 percent above the oil production in May last year and is about 1.9 percent above the NPD's prognosis for May 2017. The oil production is about 1.9 percent above the prognosis so far this year.
The total petroleum production for the first five months in 2017 is about 101.9 million Sm3 oil equivalents (MSm3 o.e.), broken down as follows: about 39.9 MSm3 o.e. of oil, about 9.7 MSm3 o.e. of NGL and condensate and about 52.3 MSm3 o.e. of gas for sale. The total volume is 0.2 MSm3 o.e. higher than in 2016.
Final production figures from April 2017 show an average daily production of about 1.704 million barrels of oil, 0.404 million barrels of NGL and condensate and a total of 10.5 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.