Shell raises Q3 gas output forecast

Shell has raised its third-quarter gas output projection, now forecasting integrated gas production of 740,000 to 780,000 boed, according to Business Recorder. The oil major announced the revised range on Wednesday, replacing an earlier estimate of 570,000 to 630,000 boed. Production in the second quarter stood at 631,000 boed, well below the level of more than 900,000 boed seen before the conflict with Iran that began in February.

Liquefied natural gas output is now expected to land between 7.2 million and 7.6 million metric tons for the quarter, a tighter range than the earlier projection spanning 7.1 million to 7.7 million tons. That compares with 7.7 million tons recorded in the second quarter. The outlook also incorporates Shell's $16.4 billion takeover of Canadian energy firm ARC Resources, which closed on September 2.