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Norwegian oil output in July above NPD prediction

first_imgThe totalpetroleum production for the first seven months in 2020 is about 134.8 millionSm3 oil equivalents (MSm3 o.e.), broken down as follows: about 57.6 MSm3 o.e.of oil, about 10.9 MSm3 o.e. of NGL and condensate and about 66.2 MSm3 o.e. ofgas for sale. Oil production in July is 0.8 per cent higher than the NPD’s forecast, and 0.1 per cent below the forecast so far this year. Averagedaily liquids production in July was: 1,739,000 barrels of oil, 296,000 barrelsof NGL, and 27,000 barrels of condensate. It is worthnoting that, the Norwegian Government decided to implement a cut in Norwegianoil production 29 April 2020. The production figures for oil in July includedthis cut of 134,000 barrels per day. The cut will apply for the entire secondhalf of 2020. The NPD saidthat the oil production forecasts have been updated in the Government’sproposed Revised National Budget for 2020. The updatewas presented on 12 May and takes the authorities’ oil production regulationinto account, as well as the delayed start-up of fields under development andoil production in the first quarter.center_img According tothe directorate’s report on Monday, preliminary production figures for July2020 show an average daily production of 2,062,000 barrels of oil, NGL, andcondensate. Source: NPD Norwegian oil production in July has risen above predictions made by the Norwegian Petroleum Directorate (NPD) after June’s numbers were below expectations. The totalvolume is 7.3 MSm3 o.e. higher than in 2019.last_img read more