Norwegian oil output in July above NPD prediction

Norwegian oil production in July has risen above predictions made by the Norwegian Petroleum Directorate (NPD) after June’s numbers were below expectations.

According to
the directorate’s report on Monday, preliminary production figures for July
2020 show an average daily production of 2,062,000 barrels of oil, NGL, and
condensate.

Average
daily liquids production in July was: 1,739,000 barrels of oil, 296,000 barrels
of NGL, and 27,000 barrels of condensate.

It is worth
noting that, the Norwegian Government decided to implement a cut in Norwegian
oil production 29 April 2020. The production figures for oil in July included
this cut of 134,000 barrels per day. The cut will apply for the entire second
half of 2020.

The NPD said
that the oil production forecasts have been updated in the Government’s
proposed Revised National Budget for 2020.

The update
was presented on 12 May and 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 July is 0.8 per cent higher than the NPD’s forecast, and 0.1 per cent below the forecast so far this year.

The total
petroleum production for the first seven months in 2020 is about 134.8 million
Sm3 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. of
gas for sale.

The total
volume is 7.3 MSm3 o.e. higher than in 2019.