NORWAY'S OIL & GAS PRODUCTION 1.722 MBD ANEW

NPD - 28/10/2020 - Preliminary production figures for September 2020 show an average daily production of 1 772 000 barrels of oil, NGL and condensate.

Average daily liquids production in September was: 1 486 000 barrels of oil, 268 000 barrels of NGL and 18 000 barrels of condensate.

On 29 April 2020, the Government decided to implement a cut in Norwegian oil production.

The production figures for oil in September include this cut of 134 000 barrels per day in the second half of 2020.

The Norwegian Petroleum Directorate's oil production forecasts have been updated in the Government's proposed Revised National Budget for 2020.

This was presented on 12 May. The update takes the authorities' oil production regulation into account, as well as delayed start-up of fields under development and oil production in the first quarter.

Oil production in September is 13.8 percent lower than the NPD's forecast, and 1.6 percent below the forecast so far this year.

The main reasons that production in September was below forecast is maintenance work and technical problems on some fields.

The total petroleum production for the first nine months in 2020 is about 170.4 million Sm3 oil equivalents (MSm3 o.e.), broken down as follows: about 73.2 MSm3 o.e. of oil, about 13.8 MSm3 o.e. of NGL and condensate and about 83.4 MSm3 o.e. of gas for sale.

The total volume is 13.2 MSm3 o.e. higher than in 2019.

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