Norway sees small increase but deviates from forecast in February output
While Norway’s oil and gas production increased in February 2022 when compared to the previous month, it was still below predictions made by the Norwegian Petroleum Directorate (NPD).
Preliminary production figures for February 2022 show an average daily production of 1 980 000 barrels of oil, NGL, and condensate, based on the NPD’s report on Friday.
Total gas sales were 9.7 billion Sm3 (GSm3), which is a decrease of 0.9 GSm3 from the previous month.
Average daily liquids production in February was: 1 763 000 barrels of oil, 208 000 barrels of NGL and 9 000 barrels of condensate.
Oil production in February is 3.7 per cent lower than the NPD’s forecast and 2.9 per cent lower than the forecast so far this year.
Production February 2022
The total petroleum production for the first two months in 2022 is about 38.9 million Sm3 oil equivalents (MSm3 o.e.), broken down as follows: about 16.4 MSm3 o.e. of oil, about 2.1 MSm3 o.e. of NGL and condensate and about 20.4 MSm3 o.e. of gas for sale. The total volume is 0.2 MSm3 o.e. lower than in 2021.
As reported earlier this week, the state-owned giant, Equinor, and the country’s government worked out a plan to maintain high gas exports to Europe and meet the demand amid supply concerns exacerbated by the Ukrainian crisis. Due to this, high gas production from three fields will be maintained through the summer months.