Baku, Azerbaijan, Dec.22
By Leman Zeynalova – Trend:
Global liquids production increased 5 percent in third-quarter 2017 over third-quarter 2016, the highest year-over-year rate since third-quarter 2015, according to the US Energy Information Administration report.
“Liquids and natural gas production was 35 million and 20 million barrels of oil equivalent, respectively, in third-quarter 2017. Global liquids production increased 5 percent and natural gas production increased 3 percent in third-quarter 2017 from third-quarter 2016 levels,” said the report.
EIA estimates that Brent crude oil prices were 9 percent higher than third-quarter 2016 prices and have averaged more than $50 per barrel for four consecutive quarters, contributing to higher cash flow for companies producing oil and natural gas.
“Energy companies’ return on equity was the largest since first-quarter 2015. Capital expenditure increased 20 percent year-over-year, the largest growth rate during 2012–2017. Capital expenditure in third-quarter 2017 was $67 billion. Upstream capital expenditure on a per-barrel basis remains lower than $15 per barrel of oil equivalent,” said the report.
The energy companies’ return on equity increased to more than 4 percent in third-quarter 2017, according to EIA estimates.
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