Gazprom Neft Cuts Output Forecast Iraq Oilield
Russian oil producer Gazprom Neft has made a further cut to its forecast for the level at which output will plateau at the Badra oilfield in Iraq, the company said on its website on Thursday.The post cited comments made by Deputy Chief Executive Vadim Yakovlev in an interview with media outlet Energy Intelligence, saying average production will plateau at 80,000 bpd this year.The plateau for the next few years was previously expected to be 85,000 bpd.(Reporting by Vladimir Soldatkin Editing by David Goodman)
Brent Drops Below US$103: China Data Weighs
Brent crude dropped below $103 a barrel on Monday, as a recent rebound in oil prices was checked by fresh data suggesting a slower growth in China's factory activity. Oil prices on both sides of the Atlantic registered a second straight month of losses in August, although prices gained around $1 a barrel towards the end of the month. Growth in China's factory sector slipped to a three-month low in August as foreign and domestic demand cooled, an HSBC survey showed on Monday, muddying the outlook for demand from the world's key consumer of most commodities.
Gazprom Neft Starts Production at Iraq Badra Oilfield
Russia's Gazprom Neft, the oil arm of state-run Gazprom, has started initial commercial oil production from its Badra oilfield in Iraq, the oil ministry said on Wednesday. Production from Badra started on Monday at an average of 15,000 barrels per day and is expected to reach 170,000 bpd of crude oil by 2017, the ministry said in a statement. "Oil flow from Badra has started on Monday to fill the oilfield storages in preparing to feed the export," said ministry spokesman Asim Jihad. The oilfield is located in the Wasit Province in eastern Iraq with an estimated 3 billion barrels of oil in reserve.
