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Premier Oil defers test of financial covenants

July 1 (Reuters) - Premier Oil Plc, which is in
talks with its lending group on the terms of its existing
financial facilities, said on Friday that the lending group had
agreed to defer the test of its financial covenants.

UPDATE 1-Australian election seen as a dead heat, minor parties likely powerbrokers

* Attacks on minor parties could backfire on Turnbull

(Adds new Turnbull quotes, paragraphs 5-6 )

Iraq June oil exports from southern ports 3.175 mln bpd -South Oil

BASRA, Iraq, July 1 (Reuters) - Iraq's oil exports from the
southern ports ran at an average rate of 3.175 million barrels
per day in June, an official at the state-run South Oil Company
said on Friday.

UPDATE 1-Gorgon on track for second LNG cargo after gas leak -Chevron

* Chevron says no injuries after workers evacuated

(Adds Chevron comment, details)

U.S. shale oil's Achilles heel shows signs of mending

HOUSTON, July 1 (Reuters) - Since the beginning of the U.S.
fracking revolution, oil producers have struggled with a vexing
problem: after an initial burst, crude output from new shale
wells falls much faster than from conventional wells.

Fossil fuels still dominate U.S. energy consumption despite recent market share decline

(Fri, 01 Jul 2016) Three fossil fuels—petroleum, natural gas, and coal—have provided more than 80% of total U.S. energy consumption for more than 100 years. In 2015, fossil fuels made up 81.5% of total U.S. energy consumption, the lowest fossil fuel share in the past century. In EIA's <em>Annual Energy Outlook 2016</em> Reference case projections, which reflect current laws and policies, that percentage declines to 76.6% by 2040.

UPDATE 1-Stronger North Asian demand, Gorgon gas leak lift Asian LNG prices

* First LNG tanker to sail through expanded Panama Canal

(Adds Gorgon gas leak)

Australian election seen as a dead heat, minor parties likely powerbrokers

SYDNEY, July 1 (Reuters) - Australia braced for an election
that was too close to call on Friday, with Prime Minister
Malcolm Turnbull warning of economic chaos if his gamble on an
early poll backfires and leaves him without the outright
majority he needs to enact major reforms.

U.S. Energy Secretary sees balanced oil market in 2017

BEIJING, July 1 (Reuters) - The U.S. energy secretary said
he expects the oil market to be in balance in 2017, after he met
with the Saudi Arabia energy minister on Friday in Beijing.

GLOBAL LNG-Stronger North Asian demand, Brexit lift Asian spot LNG prices

SINGAPORE, July 1 (Reuters) - Asian prices for liquefied
natural gas (LNG) rose to their highest since February this
week, pushed up by a rise in Asian imports and higher prices in
Britain.

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