Norway’s oil production in August slightly drops year-on-year

Norway’s oil production in August was 1.4 percent below the output in August of last year, according to a report by the Norwegian Petroleum Directorate (NPD), a government agency in charge of regulating the petroleum resources in the country.

The NPD said on Friday that the preliminary production figures for August 2017 showed an average daily production of 1 918 000 barrels of oil, NGL, and condensate, a decrease of 41 000 barrels per day compared to July.

Total gas sales were 10.4 billion Sm3 (GSm3), which is a decrease of 0.1 GSM3 from the previous month.

Average daily liquids production in August was: 1 548 000 barrels of oil, 340 000 barrels of NGL, and 30 000 barrels of condensate. The oil production was about 1.4 percent below the oil production in August 2017 and is about 1.6 percent below the NPD’s prognosis for August 2017. The oil production is about 0.5 percent above the prognosis so far this year.

The total petroleum production for the first eight months in 2017 is around 159.6 million Sm3 oil equivalents (MSm3 o.e.), broken down as follows: about 63.0 MSm3 o.e. of oil, about 14.9 MSm3 o.e. of NGL and condensate, and about 81.7 MSm3 o.e. of gas for sale. The total volume is 4.0 MSm3 o.e. higher than in 2016.

Final production figures for July 2017 show an average daily production of about 1.598 million barrels of oil, 0.361 million barrels of NGL and condensate, and a total of 10.5 billion Sm3 saleable gas production.