Oil output drops below prediction in May as Norway records slightly higher gas production

Oil output on the decline as Norway records slightly higher gas production in May

Even though Norway saw a significant increase in gas production in May 2022 compared to the figures from the same period last year, this is only a small boost in regards to the Norwegian Petroleum Directorate’s predictions. On the other hand, the oil output dropped below predictions for the third month in a row, continuing its downward trend.

Njord A (for illustration purposes); Credit: Jan Arne Wold & Elisabeth Sahl/Equinor

Preliminary production figures for May 2022 show an average daily production of 1 831 000 barrels of oil, NGL and condensate, based on the NPD’s report on Tuesday.

Total gas sales were 10.0 billion Sm3 (GSm3), which is an increase of 0.1 GSm3 from the previous month.

Average daily liquids production in April was: 1 620 000 barrels of oil, 200 000 barrels of NGL and 11 000 barrels of condensate.

Oil production in May is 2.4 per cent lower than the NPD’s forecast and 4.8 per cent lower than the forecast so far this year.

The forecasts for gas and NGL have been updated in line with the Governments prognosis for production in the revised national budget.

Production May 2022

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

The total petroleum production so far in 2022 is about 96.8 million Sm3 oil equivalents (MSm3 o.e.), broken down as follows: about 41.0 MSm3 o.e. of oil, about 5.1 MSm3 o.e. of NGL and condensate and about 50.8 MSm3 o.e. of gas for sale. The total volume is 1.0 MSm3 o.e. higher than in 2021.

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