Oil Production in May Above NPD’s Forecast (Norway)

  • Business & Finance

Oil Production in May Above NPD's Forecast (Norway)

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

Preliminary production figures for May 2012 indicate an average daily production of about 2 007 000 barrels of oil, NGL and condensate. This is 52 000 barrels per day (about 2.5 percent) less than in April 2012.

Total gas sales were about 8.9 billion Sm3, which is 0.5 billion Sm3 less than the previous month.

The average daily liquid production in April was: 1 631 000 barrels of oil, 307 000 barrels of NGL and 68 000 barrels of condensate.

The total oil production on the Norwegian shelf is somewhat above the NPD’s forecast for May and about 2.5 percent over the cumulative prognosis this year.

“Production development on the Norwegian shelf is good, and it is positive that we produce more oil than forecast. Although there are wide variations and some projects do not come on stream as planned, this shows that several fields are producing well. Together with high gas sales for the first part of this year, this is very positive”, comments Jan Bygdevoll, Director Forecasting at the NPD.

The total petroleum production for the first five months of 2012 is about 101.0 million Sm3 oil equivalents. (MSm3 o.e.), broken down as follows: about 39.8 MSm3 o.e. of oil, about 10.1 MSm3 o.e. of NGL and condensate and about 51.2 MSm3 o.e. of gas for sale. The total volume is 7.1 MSm3 o.e. greater than in 2011.

Final production figures for April 2012 show an average daily production of about 1.646 million barrels of oil, 0.413 million barrels of NGL and condensate, and a total of 9.4 billion Sm3 saleable gas production.

Source: NPD, June 13, 2012

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