Norwegian Production Figures Hit Lowest Point since September 2014
The Norwegian Petroleum Directorate’s (NPD) preliminary production figures for May 2015 have revealed that average daily production (ADP) of oil, NGL and condensate hit its lowest point last month since September 2014.
ADP of oil, NGL and condensate was around 1.86 million barrels for May, which was 85,000 barrels per day, or 0.4 percent, less than in April 2015. The last time daily production figures were lower than in May this year was September 2014, when preliminary production figures indicated an average daily oil, NGL and condensate production of around 1.83 million barrels.
Compared to May 2014, the latest figures from the NPD seemed positive. Last year’s preliminary May figures revealed an average daily production of around 1.66 million barrels of oil, NGL and condensate, which was 282,000 barrels per day, or 14 percent, less than April 2014’s figures.
A further breakdown of May 2015’s 1.86 million figure showed that 1.51 million barrels were made up of oil, 325,000 barrels were made up of NGL and 31,000 barrels were made up of condensate. The oil production for May this year was actually 2.4 percent above oil production in May 2014 and 1 percent above the NPD’s prognosis for the month.
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