Norway’s oil and gas production slightly lagged official expectations in March, preliminary data from the Norwegian Petroleum Directorate (NPD) showed on April 20.
Crude oil output fell 1.1% from February to 1.773 million barrels per day (MMbbl/d) in March, while the NPD’s forecast for the month had stood at 1.785 MMbbl/d.
Oil output was 3.8% higher than in March of 2020.
Including NGL and condensate, Norway’s overall oil liquids production amounted to 2.09 MMbbl/d March.
The International Energy Agency (IEA) predicts Norway’s overall liquids production will reach 2.3 MMbbl/d by end-2021, its highest in more than 10 years and above the NPD’s forecast of 2.17 million bpd.
The increase is expected to come partly as a result of rising output from western Europe’s largest oil field, Johan Sverdrup, as well as the startup of new fields, the IEA has said.
Sverdrup’s daily production is expected to increase to 535,000 bbl/d by mid-2021, up from about 500,000 bbl/d at the start of the year, according to operator Equinor.
Norway’s output of natural gas in March totaled 9.81 billion cubic meters (Bcm), below the NPD’s forecast of 9.88 Bcm and down from 10.72 Bcm per year earlier.
Recommended Reading
Industry Warns Ruling Could Disrupt GoM Oil, Gas Production
2024-09-12 - The energy industry slammed a reversal on a 2020 biological opinion that may potentially put an indefinite stop to oil and gas operations in the Gulf of Mexico—by December.
New FERC Commissioner Calls Slow Permitting Process ‘Huge Problem’
2024-09-17 - FERC Commissioner David Rosner said the commission is aware that the permitting process is too slow overall at Gastech Houston 2024.
Supreme Court’s Uinta Basin Rail Case Raises Stakes for LNG, Pipelines
2024-07-10 - The lawsuit, involving crude transport via railway in the Uinta Basin, is part of a larger intragovernmental fight that could have implications for how FERC decides pipeline and LNG plant permitting.
FTC Requests More Info on $17.1B ConocoPhillips, Marathon Oil Deal
2024-07-12 - The U.S. Federal Trade Commission’s request for additional information regarding ConocoPhillips’ $17.1 billion acquisition of rival Marathon Oil is likely to delay the transaction. Other recent energy M&A deals have faced similar “second requests” from the FTC.