Illustration; Credit: Morten Berentsen/Equinor

Norway’s oil & gas production beats forecasts

Norway recorded a slight rise in oil and gas production in March 2023 compared to the volumes recorded during the previous month, the year before, and the figures included in the Norwegian Offshore Directorate’s predictions.

Illustration; Credit: Morten Berentsen/Equinor

According to the NOD’s recent report, preliminary production figures for March 2024 show an average daily production of 2,086,000 barrels of oil, NGL, and condensate.

Total gas sales were 11.3 billion Sm3 (GSm3). This is 0.9 (GSm3) less than the previous month. Average daily liquids production in March was: 1,843,000 barrels of oil, 223,000 barrels of NGL, and 20,000 barrels of condensate.

Furthermore, oil production in March is 4.6% more than the NOD’s forecast and 1.9% more than the forecast so far this year.

Production figures for March 2024

Courtesy of the Norwegian Offshore Directorate

The total petroleum production so far in 2024 is about 63.2 million Sm3 oil equivalents (MSm3 o.e.), broken down as follows: about 26.2 MSm3 o.e. of oil, about 3.5 MSm3 o.e. of NGL and condensate and about 33.5 MSm3 o.e. of gas for sale. The total volume is 2.2 MSm3 o.e. higher than 2023.