NORWAY'S OIL PRODUCTION DOWN 344 TBD
NPD wrote, Preliminary production figures for September 2016 show an average daily production of 1 591 000 barrels of oil, NGL and condensate, which is a decrease of 344 000 barrels per day (approx. 18 percent) compared to August.
Total gas sales were 6.4 billion Sm3 (GSm3), which is a decrease of 1.6 GSM3 from the previous month.
Average daily liquids production in September was: 1 375 000 barrels of oil, 186 000 barrels of NGL and 30 000 barrels of condensate. The oil production is about 11 percent below the oil production in September last year and is about 4 percent below the NPD's prognosis.
Production is less than last month and the main reason for this is that several fields were closed for maintenance. Production on Goliat started again on the 27th September.
The total petroleum production for the first nine months in 2016 is about 169.5 million Sm3 oil equivalents (MSm3 o.e.), broken down as follows: about 68.7 MSm3 o.e. of oil, about 16.4 MSm3 o.e. of NGL and condensate and about 84.4 MSm3 o.e. of gas for sale. The total volume is 1.4 MSm3 o.e. higher than in 2015.
Final production figures from August 2016 show an average daily production of about 1.572 million barrels of oil, 0.364 million barrels of NGL and condensate and a total of 8.0 billion Sm3 saleable gas production.
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GAZPROM - The parties discussed relevant issues related to bilateral cooperation, including the Baltic LNG project. Emphasis was placed on the priority measures aimed at developing a joint design concept (pre-FEED).
BHGE - U.S. Rig Count is up 11 rigs from last week to 1,063, with oil rigs up 8 to 869, gas rigs up 4 to 193, and miscellaneous rigs down 1 to 1. Canada Rig Count is up 13 rigs from last week to 195, with oil rigs up 8 to 127 and gas rigs up 5 to 68.
REUTERS - Brent crude futures had risen $1.02 cents, or 1.3 percent, to $81.28 a barrel by 0637 GMT. The contract dropped 3.4 percent on Thursday following sharp falls in equity markets and indications that supply concerns have been overblown. U.S. West Texas Intermediate (WTI) crude futures were up 80 cents, or 1.1 percent, at $71.77 a barrel, after a 3 percent fall in the previous session. WTI is on track for a 3.5 percent drop this week.
EIA - Brent crude oil spot prices averaged $79 per barrel (b) in September, up $6/b from August. EIA expects Brent spot prices will average $74/b in 2018 and $75/b in 2019. EIA expects West Texas Intermediate (WTI) crude oil prices will average about $6/b lower than Brent prices in 2018 and in 2019.