Norway's Oil Output in June Drops More than Expected

Nerijus Adomaitis and Victoria Klesty
Friday, July 17, 2020

Norway's June crude oil output fell more than expected from May while natural gas production rose less than expected, the Norwegian Petroleum Directorate said on Friday.

Crude oil output fell 12% to 1.54 million barrels per day (bpd) which was 4.1% below the official forecast which corresponded to a production cap of 1.61 million bpd set by the government.

The total production quota is spread across various oil fields on the Norwegian continental shelf.

"The fields that produced less than the quota set for June can add these volumes to their production quota in the second half of the year," the oil and energy ministry said in separate statement on Friday.

Crude oil output year on year, however, was up 45.8% due to the ramp-up of Norway's giant Johan Sverdrup oilfield, which started production last October.

Natural gas output rose 5.9% month on month to 279.7 million cubic metres (mcm) per day, 10% below the official forecast and its year-ago level.

Norway is Europe's second largest natural gas supplier after Russia and produces about 2% of the world's crude oil. 

(Reporting by Nerijus Adomaitis and Victoria Klesty; editing by Jason Neely)

 

Categories: Europe Production

Related Stories

Akrake Achieves First Oil at Sèmè Field as Parent Firm Reviews Options

Kongsberg Discovery Upgrades Kongsberg Listen Electromagnetic Sensor

OneSubsea Gets Gullfaks Subsea Compression Upgrade by Equinor

Current News

TVO Adds to Project Management Team

BOEM Proposes BBG3, Third Gulf of America Lease Sale

Op/Ed: Crude Oil's Iran Premium Assumes No Supply Disruption

Turkey Objects to Greece’s Chevron Energy Deal in Eastern Mediterranean

Subscribe for OE Digital E‑News