Norway’s oil output in July down 7 pct y-o-y

Norway’s oil production in July was 7 percent below the output in July 2016, according to a Friday report by the Norwegian Petroleum Directorate (NPD), a government agency in charge of regulating the petroleum resources in the country. 

Preliminary production figures for July 2017 show an average daily production of 2 000 000 barrels of oil, NGL and condensate, which is an increase of 93 000 barrels per day compared to June, the NPD said on Friday.

Total gas sales were 10.6 billion Sm3 (GSm3), which is an increase of 2.0 GSM3 from the previous month and is higher than ever for the month of July.

Average daily liquids production in July was: 1 622 000 barrels of oil, 346 000 barrels of NGL and 32 000 barrels of condensate. The oil production was about 7.0 percent below the oil production in July last year and about 0.7 percent below the NPD’s prognosis for July 2017. The oil production is about 1.2 percent above the prognosis so far this year.

The total petroleum production for the first seven months in 2017 is about 140.1 million Sm3 oil equivalents (MSm3 o.e.), broken down as follows: about 55.5 MSm3 o.e. of oil, about 13.1 MSm3 o.e. of NGL and condensate and about 71.5 MSm3 o.e. of gas for sale. The total volume is 2.1 MSm3 o.e. higher than in 2016.

Final production figures from June 2017 show an average daily production of about 1.570 million barrels of oil, 0.337 million barrels of NGL and condensate and a total of 8.6 billion Sm3 saleable gas production.