Norway’s Oil Production in July Lower Than Expected

Norway's Total Production Estimate Down by 5pct due to Strike

The Norwegian Petroleum Directorate, a governmental specialist directorate and administrative body, today released preliminary production figures for July 2012.

The figures indicate an average daily production of about 1 857 000 barrels of oil, NGL and condensate. This is equal to June 2012.

Total gas sales were about 9.1 billion Sm3, which is 0.6 billion Sm3 more than the previous month.

The average daily liquid production in July was: 1 481 000 barrels of oil, 303 000 barrels of NGL and 72 000 barrels of condensate.

The total oil production on the Norwegian shelf is below the prognosis for July (5%) and this is mainly due to that field in strike did not come into production until July 11. The production is also about .5 percent below the cumulative prognosis this year.

The total petroleum production for the first seven months of 2012 is about 136.8 million Sm3 oil equivalents. (MSm3 o.e.), broken down as follows: about 54.3 MSm3 o.e. of oil, about 13.7 MSm3 o.e. of NGL and condensate and about 68.8 MSm3 o.e. of gas for sale. The total volume is 9.8 MSm3 o.e. greater than in 2011.

Final production figures for June 2012 show an average daily production of about 1.491 million barrels of oil, 0.368 million barrels of NGL and condensate, and a total of 8.5 billion Sm3 saleable gas production.

Preliminary production figures for August will be published in September 2012.

Press Release, August 17, 2012