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UPDATE 2-Distressed funds set for big stakes in Gulf Keystone after debt swap

* Proceeds to be used to raise Shaikan production

(Adds background, analyst comment, share and debt prices)

China protests Australia's South China Sea freedom of navigation comment

BEIJING, July 14 (Reuters) - China said on Thursday it had
issued a formal protest after Australia announced it would
continue to exercise its right to freedom of navigation and
overflight in the South China Sea following a court ruling
against China's claims.

REFILE-UPDATE 1-Azerbaijan's oil output edges up 0.4 pct in first half

BAKU, July 14 (Reuters) - Azerbaijan produced 21.06 million
tonnes of oil in January-June, 0.4 percent more than in the
first half of last year and the first rise since May last year,
the State Statistics Committee said on Thursday.

UPDATE 1-China's legal setback could spur more South China Sea claims

* U.S. urges other claimants not to push aggressively after
ruling

(Adds Chinese comment, paragraphs 8-9)

China's legal setback could spur more South China Sea claims

Oil firm Det norske cuts capex outlook for 2016

OSLO, July 14 (Reuters) - Norwegian oil firm Det norske
is to cut capital spending this year due to project
cost savings after reporting a smaller than expected 22 percent
fall in second-quarter core profit.

S.Korea says to meet summer demand for power, avoid blackouts

SEOUL, July 14 (Reuters) - South Korea on Thursday said its
power supply would be sufficient to meet peak demand in what is
expected to be a hotter-than-normal summer, buoyed by new
electricity plants.

BOK chief says global oil prices will push inflation up next yr

SEOUL, July 14 (Reuters) - South Korea's central bank
governor said on Thursday global oil prices will push inflation
up by 0.2 to 0.3 percentage points next year after keeping price
pressures subdued for the rest of this year.

Depleted crews, idled rigs lie in shale oil's path to revival

HOUSTON/RUNGE, Texas, July 14 (Reuters) - Two years ago, Reg
MacDonald's 20-day drilling classes were packed to capacity,
with nearly 40 students eager to land lucrative jobs in the
booming oil and gas industry. Now he is lucky if he gets half a
dozen to enroll.

Natural gas-fired electricity generation expected to reach record level in 2016

(Thu, 14 Jul 2016) Natural gas-fired electricity generation in the United States is expected to reach a record level this year, providing an average of 3.8 million megawatthours per day in 2016, or 4% higher than in 2015. Based on EIA's latest Short-Term Energy Outlook (STEO), monthly natural gas-fired generation is expected to reach record highs in July and August, when weather-related demand for air conditioning increases electricity demand.

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