Norway: Oil output in February 9 pct higher YOY

The Norwegian Petroleum Directorate, a government agency whose task is to manage the oil and gas resources on the Norwegian Continental Shelf, has reported that Norway’s oil production in February this year was 9% higher than oil production in February last year.

Preliminary production figures for February 2016 show an average daily production of about 2 050 000 barrels of oil, NGL and condensate.

This is 12 000 barrels per day (about 0.5 percent) more than January 2016.

Total gas sales were about 10.6 billion Sm3, which is 0.5 GSm3 less than previous month.

The average daily liquid production in February was: 1 619 000 barrels of oil, 395 000 barrels of NGL and 37 000 barrels of condensate. The oil production is about 9 percent above the oil production in February last year.

The oil production is about 1.5 percent above the NPD’s prognosis for the month.

The total petroleum production for the first two months in 2016 is about 41.3 million Sm3oil equivalents (MSm3 o.e.), broken down as follows: about 15.5 MSm3 o.e. of oil, about 4.0 MSm3 o.e. of NGL and condensate and about 21.8 MSm3 o.e. of gas for sale. The total volume is 2.9 MSm3 o.e. higher than in 2015.

Final production figures from January 2016 show an average daily production of about 1.625 million barrels of oil, 0.413 million barrels of NGL and condensate and a total of 11.1 billion Sm3 saleable gas production.