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After 3-month slump Norwegian oil output above expected in April

After 3-month slump Norwegian oil output above expected in April

Oslo, May 21 - Neftegaz.RU. Norwegian oil production during April 2020 was above predictions made by the Norwegian Petroleum Directorate (NPD) after a 3-month stint of falling short of expectations.

According to the directorate’s report on Wednesday, preliminary production figures for April 2020 show an average daily production of 2,117,000 barrels of oil, NGL and condensate, which is a decrease of 60,000 barrels per day compared to March.

Total gas sales were 9.0 billion Sm3 (GSm3), which is a decrease of 1.7 GSm3 from the previous month. Average daily liquids production in April was: 1,783,000 barrels of oil, 308,000 barrels of NGL and 26,000 barrels of condensate.

NPD noted that its oil production forecasts were updated in the Government’s proposed Revised National Budget for 2020 presented on 12 May.

The update takes the authorities’ oil production regulation into account, as well as the delayed start-up of fields under development, and oil production in the first quarter.

Oil production in April is 1.9 % higher than the NPD’s forecast, and 0.5 % below the forecast so far this year.

The total petroleum production for the first 4 months in 2020 is about 79.8 million Sm3 oil equivalents (MSm3 o.e.), broken down as follows: about 33.2 MSm3 o.e. of oil, about 6.5 MSm3 o.e. of NGL and condensate and about 40.1 MSm3 o.e. of gas for sale.

The total volume is 3.9 MSm3 o.e. higher than in 2019.

To read the article in Russian.

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