Norway’s oil production in March falls but gas output grows

Even though Norway recorded a slight increase in gas production in March 2022 compared to the figures from the same period last year, the oil output fell behind the Norwegian Petroleum Directorate’s predictions and the figures from February 2022.

Illustration; Source: Equinor

Preliminary production figures for March 2022 show an average daily production of 1 960 000 barrels of oil, NGL, and condensate, based on the NPD’s report last Thursday.

Total gas sales were 10.4 billion Sm3 (GSm3), which is an increase of 0.7 GSm3 from the previous month.

Average daily liquids production in March was: 1 744 000 barrels of oil, 208 000 barrels of NGL and 9 000 barrels of condensate.

Oil production in March is 5.9 per cent lower than the NPD’s forecast and 3.6 per cent lower than the forecast so far this year.

Production March 2022

Source: The Norwegian Petroleum Directorate
Source: The Norwegian Petroleum Directorate

The total petroleum production so far in 2022 is about 59.1 million Sm3 oil equivalents (MSm3 o.e.), broken down as follows: about 25.1 MSm3 o.e. of oil, about 3.2 MSm3 o.e. of NGL and condensate and about 30.8 MSm3 o.e. of gas for sale. The total volume is 0.2 MSm3 o.e. lower than in 2021.