Norway sees largest monthly oil output in 5 years due to Goliat input

Norway’s government agency in charge of managing the oil and gas resources, the Norwegian Petroleum Directorate (NPD), has reported that the country’s oil production in July 2016 increased 10 pct when compared to the same period last year due to contribution from Eni Norge’s Goliat field in the Barents Sea. 

According to the NPD, preliminary production figures for July 2016 show an average daily production of 2 136 000 barrels of oil, NGL and condensate.

Oil Production was 1 728 000 barrels, and is the largest monthly oil production volume in five years (March 2011). Total gas sales were 9.1 billion Sm3 (GSm3), which is an increase of 0.9 GSM3 from the previous month.

Average daily liquids production in July was: 1 728 000 barrels of oil, 375 000 barrels of NGL and 33 000 barrels of condensate.

The oil production is 10 percent above the oil production in July last year and is nine percent above the NPD’s prognosis for July 2016. It is an increase of 322 000 barrels of oil per day (about 18 percent) compared to June 2016. The agency said this is usual with somewhat of a decrease in production in June because of some fields being closed for maintenance.

The NPD further explained that the high level of production in July is due to many fields producing above prognosis and because Goliat is now contributing considerably, and is the fourth largest oil producer in July.

The total petroleum production for the first seven months in 2016 is about 138.1 million Sm3 oil equivalents (MSm3 o.e.), broken down as follows: about 54.4 MSm3 o.e. of oil, about 13.6 MSm3 o.e. of NGL and condensate and about 70.1 MSm3 o.e. of gas for sale. The total volume is 7.3 MSm3 o.e. higher than in 2015.

Final production figures from June 2016 show an average daily production of about 1.449 million barrels of oil, 0.365 million barrels of NGL and condensate and a total of 8.2 billion Sm3 saleable gas production.