NPD: Norway to Miss 2012 Production Target

Figures from the Norwegian Petroleum Directorate for oil production in October indicate that Norway will miss its 2012 production target, according to a statement from the organization Tuesday.

The NPD reported that during October the Norwegian Continental Shelf produced around 1.8 million barrels of oil, natural gas liquids and condensate. While this was around 287,000 barrels per day more than in September, the NPD said that it was still around 12 percent below what was forecast for October.

The organization blamed planned maintenance and technical problems on several fields. This included both the Valhall and Hod fields being closed for the entire month due to preparation of a new platform beginning production. The Ula, Tambar and Oselvar fields have also been closed for the entire month due to hydrocarbon leakage on Ula.

"The oil production is also about 3.0 percent below the cumulative prognosis this year. Since the prognosis for the remaining year is relatively high, it might be a challenge to meet the oil production target for 2012," Jan Bygdevoll, director for forecasting at the NPD, commented in a statement.

The NPD had been expecting 1.6 million barrels of oil per day for the whole of 2012.  

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