Shell forecasts oil production volumes for 4Q2019

Shell forecasts oil production volumes for 4Q2019

BAKU, Azerbaijan, Dec.20

By Leman Zeynalova – Trend:

Production of Royal Dutch Shell is expected to be between 2,775 and 2,825 thousand barrels of oil equivalent per day in the fourth quarter of 2019, Trend reports with reference to the company’s update to the fourth quarter 2019 outlook provided in the third quarter results announcement on October 31, 2019.

Additional well write-offs in the range of $100-200 million are expected compared to the fourth quarter 2018, according to the report.

Shell expects that provision updates for decommissioning and restoration obligations will have a negative impact on earnings in the range of $100-200 million.

“Deferred tax charges, which include the annual reassessment of deferred tax assets performed in the fourth quarter, are expected to have a negative impact on earnings in the range of $500-600 million compared to the fourth quarter 2018,” reads the report.

Liquefied natural gas (LNG) liquefaction volumes are expected to be between 8.8 and 9.4 million tonnes, according to Shell’s estimates.

“Trading and optimization performance is expected to be average and approximately in line with the second quarter 2019. As per previous disclosures, more than 80 percent of our term contracts for LNG sales in 2018 were oil price linked with a price-lag of typically 3-6 months.”

Shell is an international energy company that aims to meet the world’s growing need for more and cleaner energy solutions in ways that are economically, environmentally and socially responsible.

Shell is a global group of energy and petrochemical companies.

Its operations are divided into our businesses: Upstream, Integrated Gas and New Energies, Downstream.

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Follow the author on Twitter: @Lyaman_Zeyn

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