Norway's Record July Gas Sales Could Lift Statoil Earnings
OSLO, Aug 18 (Reuters) - Norwegian gas sales hit a record July high, boosted by maintenance at British North Sea fields and the need to restock gas storage in Europe, which analysts said would deliver strong quarterly earnings for top producer Statoil.
Total gas sales from Norway, Europe's second-largest supplier, rose to 10.6 billion cubic metres from 8.6 bcm in June and were 18 percent above official forecasts, the Norwegian Petroleum Directorate (NPD) said on Friday.
Preliminary gas sales figures were the highest ever recorded for the month of July, it added.
"Gas prices in Europe have remained strong over the past few weeks, supported by maintenance on major UK gas fields, and we expect storage refill across Europe to further support demand and prices," said Danske Bank analyst Anders Holte.
Fellow analyst Teodor Sveen-Nilsen, of the SpareBank 1 Markets, said the numbers bucked the usual seasonal drop in demand during the summer months.
Holte and Sveen-Nilsen said that higher than expected gas sales volumes would boost Statoil's third-quarter earnings, with Sparebank 1 raising its forecast for the oil major's operating earnings by 2 percent.
Norway's preliminary crude oil output rose by 3 percent from June to 1.6 million barrels per day but was 7 percent down from July 2016 and slightly below the NPD's forecast.
Shares in Statoil were little changed, down 0.3 percent at 0942 GMT, in line with European energy stocks.
(Reporting by Nerijus Adomaitis; Editing by David Goodman)
WHAT DO YOU THINK?
Generated by readers, the comments included herein do not reflect the views and opinions of Rigzone. All comments are subject to editorial review. Off-topic, inappropriate or insulting comments will be removed.
- Weatherford CEO's Rebound Plan Relies On Getting Smaller
- Iran Says Oil Market Is Too Tight For US Zero Exports Target
- China's Squeezed 'Teapots' Eye Petchem Path To Riches
- Baker Hughes: US Drillers Add Oil Rigs For Second Week In Three
- Venezuela Hands China More Oil Presence, But No Mention Of New Funds
- Falcon Oil Declares Commercial Flow Test Results for Shenandoah Well
- UK Oil Regulator Publishes New Emissions Reduction Plan
- Japan Failing to Meet Corporate Demand for Clean Power: Amazon
- PetroChina Posts Higher Annual Profit on Higher Production
- McDermott Settles Reficar Dispute
- Macquarie Strategists Expect Brent Oil Price to Grind Higher
- US, SKorea Launch Task Force to Stop Illicit Refined Oil Flows into NKorea
- Russian Navy Enters Warship-Crowded Red Sea Amid Houthi Attacks
- Pennsylvania County Joins List of Local Govts Suing Big Oil over Climate
- Equinor Makes Discovery in North Sea
- Standard Chartered Reiterates $94 Brent Call
- India Halts Russia Oil Supplies From Sanctioned Tanker Giant
- DOI Announces Proposal for Second GOM Offshore Wind Auction
- Centcom, Dryad Outline Recent Moves Around Red Sea Region
- PetroChina Set to Receive Venezuelan Oil
- Czech Conglomerate to Buy Major Stake in Gasnet for $917MM
- US DOE Offers $44MM in Funding to Boost Clean Power Distribution
- Oil Settles Lower as Stronger Dollar Offsets Tighter Market
- UK Grid Operator Receives Aid to Advance Rural Decarbonization
- Chinese Mega Company Makes Major Oilfield Discovery
- VIDEO: Missile Attack Kills Crew Transiting Gulf of Aden
- Norway Regulator Blasts Proposal to Halt New Oil and Gas Permits
- Chinese Mega Company Makes Another Major Oilfield Discovery
- What Is the Biggest Risk to Offshore Oil and Gas Personnel in 2024?
- Vessel Sinks in Red Sea After Missile Strike
- Exxon Rights in Stabroek Do Not Apply to Hess Merger with Chevron: Hess
- Analysts Reveal Latest Oil Price Outlook Following OPEC+ Cut Extension
- Equinor Makes Discovery in North Sea
- Standard Chartered Reiterates $94 Brent Call