NORWAY'S INVESTMENTS WILL FALL 9.3%
Norway is expected to decrease investments in oil and gas activities by 9.3% in 2016, Statistics Norway wrote on Tuesday, adding that the country should increase investments in electricity.
'The latest estimates for 2016 show that total investments are expected to amount to NOK 219.4 billion. This is 5.4 per cent lower than the corresponding figure for 2015. The decline is mainly due to a fall of 9.3 per cent within oil and gas' reads the statement.
Norway's investments in oil and gas extraction and pipeline transport for 2016 are now estimated at NOK 171 billion. The decrease has to do with lower investments in exploration, fields on stream and pipeline transport.
'The decrease is due to a sharp decline in the exploration estimate. The exploration estimate decreased by 35.2 per cent to NOK 21.5 billion.'
On the other hand, field development, onshore activity and shutdown and removal are expected to increase the investment level compared to 2015.
LUNDIN COMMENCES DRILLING ON ØRNEN PROSPECT
Despite the gloomy forecasts, Lundin Norway commenced drilling of exploration well 7130/4-1 on the Ørnen prospect.
'The reservoir is expected to consist of Upper Permian carbonates. The Ørnen prospect is estimated to contain gross unrisked prospective resources of 354 million barrels of oil equivalents (MMboe)' Lundin wrote on Tuesday.
Lundin Norway is the operator of PL708 with a 40 percent working interest. Edison Norge (20%), Lukoil Overseas North Shelf (20%), Lime Petroleum Norway (10%) and North Energy (10%) are Lundin's partners.
Apart from the month of June, the country consistently reported an year-on-year increase in monthly gas production throughout 2015.
|October, 22, 12:25:00|
|October, 22, 12:20:00|
|October, 22, 12:15:00|
|October, 22, 12:10:00|
|October, 22, 12:05:00|
|October, 22, 12:00:00|
BLOOMBERG - Russia has begun discussions with Exxon Mobil Corp. on possible new oil and gas projects, potentially creating a dilemma as the U.S. government mulls more sanctions against the country.
IMF - The agreement reached today reflects the IMF’s commitment to continue to help Ukraine achieve stronger, sustainable, and inclusive economic growth. The new program has been developed in close coordination with the World Bank and the European Union, who have parallel operations to support Ukraine. The authorities’ steadfast and effective implementation will be critical for the program to achieve its objectives.
CNBC - Ukraine announced on Friday it would raise household gas prices by nearly a quarter as Prime Minister Volodymyr Groysman warned that the country risked default if it crashed out of its International Monetary Fund aid program.
Schlumberger Announces Third-Quarter 2018 Results Revenue of $8.5 billion increased 2% sequentially Pretax operating income of $1.2 billion increased 5% sequentially EPS was $0.46 Cash flow from operations was $1.8 billion Free cash flow was $1.0 billion