• 58 mins Renewables in US Set for Fast Growth
  • 4 minutes Get First Access To The Oilprice App!
  • 13 minutes Oil prices forecast
  • 57 mins Chinese FDI in U.S. Drops 90%: America's Clueless Tech Entrepreneurs
  • 17 hours Is Natural Gas Renewable? I say yes it is.
  • 28 mins Socialists want to exorcise the O&G demon by 2030
  • 19 hours Making Fun of EV Owners: ICE-ing Trend?
  • 23 hours Blame Oil Price or EVs for Car Market Crash? Auto Recession Has Started
  • 2 hours Good Marriage And Bad Divorce: Germany's Merkel Wants Britain and EU To Divorce On Good Terms
  • 18 hours Emissions from wear of brakes and tyres likely to be higher in supposedly clean vehicles, experts warn
  • 8 hours North Sea Rocks Could Store Months Of Renewable Energy
  • 7 mins Duterte's New Madness: Philippine Senators Oppose President's Push To Lower Criminal Age To 9
  • 9 hours Cheermongering about O&G in 2019
  • 13 hours Oceans "Under Fire" Of Plastic Trash
  • 1 hour *Happy Dance* ... U.S. Shale Oil Slowdown
  • 24 mins Japanese Refiners Load First Iran Oil Cargo Since U.S. Sanctions
  • 1 day Orphan Wells
Why OPEC+ Output Cuts Take So Long To Materialize

Why OPEC+ Output Cuts Take So Long To Materialize

OPEC+ supply cuts have been…

Oil Flat As U.S. Drilling Slows Down

Oil Flat As U.S. Drilling Slows Down

Oil prices held steady on…

Norway’s Oil Production Continues To Decline Faster Than Expected

oil barrels

Norway’s crude oil production has not only been sliding this year compared to last year—as expected—but it has also consistently underperformed the production forecasts of the Norwegian Petroleum Directorate (NPD).

NPD’s figures for September showed on Friday that Norway’s crude oil production stood at 1.302 million bpd, down by 13 percent compared to August 2018 and down 9.6 percent compared to September last year.

Total liquids production—including oil, natural gas liquids (NGL), and condensate—came in at 1.607 million bpd, down 13.7 percent on the month and 9.4 percent on the year.

Oil and total liquids production last month was also lower than the NPD’s forecasts, by 11.9 percent and 12.1 percent, respectively.

So far this year, only the January production met the directorate’s estimates, while production in all other months through September trailed forecasts.

“Oil production for September is about 12 percent below the NPD’s forecast for the month and about 4.4 percent below the forecast for 2018. The most important reason why production in September is lower than expected is maintenance shutdown that was not included in the prognosis for several fields,” the NPD said in its statement.

Between January and September, Norway’s crude oil production dropped by 8 percent compared to the same period of 2017, also due to technical problems at some fields of Norway’s major Equinor.

Oil production on the Norwegian Continental Shelf (NCS) is expected to continue its decline until late next year, when the Equinor-operated giant oil field Johan Sverdrup in the North Sea is slated to start production. Johan Sverdrup is expected to be the main contributor to Norway’s rising oil production until 2023.

But from the mid-2020s onward, production offshore Norway will start to decline again “so making new and large discoveries quickly is necessary for maintaining production at the same level from the mid-2020s,” Torgeir Stordal, Director exploration at the NPD, said in the directorate’s 2018 resource and exploration report in June.

By Tsvetana Paraskova for Oilprice.com

More Top Reads From Oilprice.com:



Join the discussion | Back to homepage

Leave a comment

Leave a comment

Oilprice - The No. 1 Source for Oil & Energy News