Norway’s oil output in March 4 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 March 2015 was 4 pct higher than in the same period last year. 

According to the NPD, preliminary production figures for March 2016 show an average daily production of about 2 012 000 barrels of oil, NGL and condensate.

This is 51 000 barrels per day (about 2.5 percent) less than February 2016. Total gas sales were about 11.2 billion Sm3, which is 0.7 GSm3 more than previous month.

The average daily liquid production in March was: 1 594 000 barrels of oil, 382 000 barrels of NGL and 36 000 barrels of condensate. The oil production is about 4 percent above the oil production in March last year.

The oil production is about 0.5 percent above the NPD’s prognosis for the month.

The total petroleum production for the first three months in 2016 is about 62.4 million Sm3 oil equivalents (MSm3 o.e.), broken down as follows: about 23.4 MSm3 o.e. of oil, about 6.1 MSm3 o.e. of NGL and condensate and about 32.9 MSm3 o.e. of gas for sale. The total volume is 3.6 MSm3 o.e. higher than in 2015.

Final production figures from February 2016 show an average daily production of about 1.626 million barrels of oil, 0.436 million barrels of NGL and condensate and a total of 10.5 billion Sm3 saleable gas production.