NORWAY'S PRODUCTION DOWN 116 TBD
NPD - Preliminary production figures for June 2017 show an average daily production of 1 884 000 barrels of oil, NGL and condensate, which is a decrease of 116 000 barrels per day compared to May.
Total gas sales were 8.6 billion Sm3 (GSm3), which is a decrease of 0.5 GSM3 from the previous month.
Average daily liquids production in June was: 1 554 000 barrels of oil, 307 000 barrels of NGL and 24 000 barrels of condensate. The oil production is about 8.0 percent above the oil production in June last year and is about 3.3 percent below the NPD's prognosis for June 2017. The oil production is about 1.3 percent above the prognosis so far this year.
The total petroleum production for the first six months in 2017 is about 119.6 million Sm3 oil equivalents (MSm3 o.e.), broken down as follows: about 47.5 MSm3 o.e. of oil, about 11.2 MSm3 o.e. of NGL and condensate and about 60.9 MSm3 o.e. of gas for sale. The total volume is 1.1 MSm3 o.e. higher than in 2016.
Final production figures from May 2017 show an average daily production of about 1.635 million barrels of oil, 0.365 million barrels of NGL and condensate and a total of 9.1 billion Sm3 saleable gas production.
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U.S. EIA - Energy companies’ free cash flow—the difference between cash from operations and capital expenditure—was $119 billion for the four quarters ending June 30, 2018, the largest four-quarter sum during 2013–18 Companies reduced debt for seven consecutive quarters, contributing to the lowest long-term debt-to-equity ratio since third-quarter 2014
OPEC - Total oil demand for 2018 is now estimated at 98.82 mb/d. In 2019, world oil demand growth is forecast to rise by 1.41 mb/d. Total world oil demand in 2019 is now projected to surpass 100 mb/d for the first time and reach 100.23 mb/d.
ARAB NEWS - Oil exports from southern Iraq are heading for a record high this month, two industry sources said, adding to signs that OPEC’s second-largest producer is following through on a deal to raise supply and local unrest is not affecting shipments.
PLATTS - The International Energy Agency expects the US to account for 75% of the global growth in natural gas exports over the next five years, a bullish outlook for LNG developers facing challenges at home getting projects off the ground and abroad with tariffs affecting trade flows.