Norway's Production Rises YOY

The Norwegian Petroleum Directorate revealed Wednesday that Norway’s average daily production of oil, NGL and condensate has increased year-on-year to 1.91 million barrels in August 2015, from 1.84 million barrels in August 2014.

Average daily liquid production in August 2015 was 1.55 million barrels of oil, 315,000 barrels of NGL and 42,000 barrels of condensate. Oil production for last month is four percent above oil production in August 2014 and approximately 13.5 percent above the NPD’s prognosis for the month. The average daily liquid production in August last year comprised 1.48 million barrels of oil, which was ten percent above the NPD's prognosis, 301,000 barrels of NGL and 56,000 barrels of condensate. Much like August 2015, the NPD has forecasted that oil production in September 2015 will be well below the 1.5 million barrel mark.

Despite Norway’s year-on-year production rise, output has fallen slightly in August 2015 since July 2015, when the average daily production figure of oil, NGL and condensate reached 1.94 million barrels. The average daily liquid production in July was 1.56 million barrels of oil, 342,000 barrels of NGL and 44,000 barrels of condensate. Oil production during this time was 1.4 percent above the oil production in July last year and around 6.6 percent above the NPD’s prognosis for the month.

The leading operator on the Norwegian Continental Shelf is Statoil, which announced on July 28, 2015 that its production from the NCS grew seven percent in the second quarter of 2015 compared to last year. Statoil’s total international output in 2Q 2015 was 1.87 million barrels of oil equivalent per day.

A graduate in journalism from Cardiff University, Andreas has eight years of experience as a business journalist. Email Andreas at andreas.exarheas@rigzone.com

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