NORWAY'S PRODUCTION DOWN 171 TBD

NPD - Preliminary production figures for September 2017 show an average daily production of 1 772 000 barrels of oil, NGL and condensate, which is a decrease of 171 000 barrels per day compared to August.

Total gas sales were 9.6 billion Sm3 (GSm3), which is a decrease of 0.7 GSM3 from the previous month.

Average daily liquids production in September was: 1 439 000 barrels of oil, 301 000 barrels of NGL and 31 000 barrels of condensate. The oil production is about 3.6 percent above the oil production in September last year and is about 11.0 percent below the NPD's prognosis for September 2017. The oil production is about 0.5 percent below the prognosis so far this year.

The oil production was below the forecast in September due to maintenance work on some fields.

The total petroleum production for the first nine months in 2017 is about 177.8 million Sm3 oil equivalents (MSm3 o.e.), broken down as follows: about 70.0 MSm3 o.e. of oil, about 16.5 MSm3 o.e. of NGL and condensate and about 91.3 MSm3 o.e. of gas for sale. The total volume is 8.1 MSm3 o.e. higher than in 2016.

Final production figures from August 2017 show an average daily production of about 1.560 million barrels of oil, 0.382 million barrels of NGL and condensate and a total of 10.3 billion Sm3 saleable gas production.

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Earlier:

2017, September, 15, 08:30:00 NORWAY'S OIL PRODUCTION DOWN 41 TBD Preliminary production figures for August 2017 show an average daily production of 1 918 000 barrels of oil, NGL and condensate, which is a decrease of 41 000 barrels per day compared to July. Total gas sales were 10.4 billion Sm3 (GSm3), which is a decrease of 0.1 GSM3 from the previous month.

2017, August, 31, 12:10:00 U.S. WANT NORWAY Norway’s $970-billion sovereign wealth fund, the world’s largest, should allocate a bigger share of its investments to renewable energy to boost returns, a U.S. energy policy think-tank said

2017, August, 28, 19:40:00 HUGE NORWAY'S OIL & GAS “We have been producing oil and gas in Norway for nearly 50 years and we are still not halfway done. Vast volumes of oil and gas have been discovered on the Norwegian shelf that are still waiting to be produced. We want companies with the ability and willingness to utilise new knowledge and advanced technology. This will yield profitable production for many decades in the future,” says Ingrid Sølvberg, Director of development and operations in the Norwegian Petroleum Directorate.

2017, March, 7, 18:40:00 NORWAY IS BETTER The Norwegian economy is slowly picking up after a two-year slowdown in its top industry, oil production, due to a halving of crude prices since mid-2014. In recent months, crude prices have risen and stabilised at around $55 per barrel.

2016, November, 11, 18:30:00 NORWAY'S INVESTMENT DOWN 21% Total investment in oil and natural gas extraction in Norway was 21% lower in the first half of 2016 compared with the first half of 2015, a decline of about 20.9 billion Norwegian kroner (US $3.5 billion). However, investment cuts have affected some segments of the industry more than others.

2016, October, 26, 18:40:00 RUSSIA - NORWAY EXCHANGE The Norwegian Petroleum Directorate (NPD) and Russian petroleum authorities (Federal Subsoil Resources Management Agency, Rosnedra) have entered into an agreement to exchange seismic data from the areas around the demarcation line in the Barents Sea.

2016, July, 6, 18:15:00 IMF WANT NORWAY Directors emphasized the need for continuing structural reforms to support a successful transition and improve the efficiency of the economy. They saw merit in continued restraint in wage settlements and further reforms to reinvigorate productivity growth. Aligning public sector pensions with recent private sector reforms and reforms to sickness and disability pensions could increase labor force participation. Directors also saw scope for efficiency gains from reducing tax preferences for owner-occupied housing and relaxing supply restrictions in the housing market.