• 4 minutes Energy Armageddon
  • 6 minutes How Far Have We Really Gotten With Alternative Energy
  • 10 minutes Russia Says Europe Will Struggle To Replace Its Oil Products
  • 1 hour GREEN NEW DEAL = BLIZZARD OF LIES
  • 16 hours Reality catching up with EV forecasts
  • 2 days "Natural Gas Price Fundamental Daily Forecast – Grinding Toward Summer Highs Despite Huge Short Interest" by James Hyerczyk & REUTERS on NatGas
  • 12 days US Oil Independence is a myth and will always be a myth
  • 2 days A Somewhat Realistic View of the Near Future for Electric Vehicles Worldwide
  • 8 days The Federal Reserve and Money...Aspects which are not widely known
  • 17 days Natural gas price to spike when USA is out of the market
  • 13 days Oil Stocks, Market Direction, Bitcoin, Minerals, Gold, Silver - Technical Trading <--- Chris Vermeulen & Gareth Soloway weigh in
  • 15 days "Biden Is Running U.S. Energy Security Into The Ground" by Irina Slav
  • 16 days *****5 STARS - "The Markets are Rigged" by The Corbett Report
A Long-Term Play On Diversity In Renewable Energy

A Long-Term Play On Diversity In Renewable Energy

The trick for long-term investors…

Natural Gas Prices Jump 10% In Early Trading

Natural Gas Prices Jump 10% In Early Trading

Natural gas prices have spiked…

Huge New Field Sends Norway’s Oil Production To 9-Year-High

The start-up of the massive Johan Sverdrup oilfield sent Norway’s oil production rising to a nine-year high in December 2019, beating the authorities’ forecast by 12.7 percent, data from the Norwegian Petroleum Directorate (NPD) showed on Friday.  

In December 2019, the third month of operation of Equinor’s Johan Sverdrup oilfield in the North Sea, Norway’s oil production averaged 1.759 million barrels per day (bpd), the highest oil production offshore Norway since January 2011.

Norway’s oil production in December rose by 4.3 percent from November and jumped by 17 percent compared to December 2018.

ADVERTISEMENT

Despite the Johan Sverdrup start-up, the average oil production in Norway in full-2019 was expected to be at its lowest level in three decades, the NPD has estimated previously.

But Johan Sverdrup’s development will help Norway boost its oil production over next few years.

ADVERTISEMENT

The huge oilfield in Norway’s North Sea is already producing 350,000 barrels of oil per day, two months after coming on stream, a senior executive at Equinor told Reuters early last month.

Daily oil production during the first phase of the Johan Sverdrup development is estimated at 440,000 bpd and is expected to be reached by the middle of this year. Peak production with the second development phase is expected to reach 660,000 bpd. At peak production, Johan Sverdrup will account for around a third of Norway’s crude oil production, operator Equinor says.

Norway’s oil production is expected to jump in 2020 through 2023, thanks to the start up of Johan Sverdrup, which began pumping oil in early October 2019. But after Johan Sverdrup and after Johan Castberg in the Barents Sea scheduled for first oil in 2022, Norway doesn’t have major oil discoveries and projects to sustain its oil production after the middle of the 2020s.

By Tsvetana Paraskova for Oilprice.com

More Top Reads From Oilprice.com:



Join the discussion | Back to homepage

ADVERTISEMENT


ADVERTISEMENT


Leave a comment
  • Mamdouh Salameh on January 18 2020 said:
    Norway’s crude oil production in 2019 averaged 1.759 million barrels a day (mbd) even with contribution from Equinor’s Johan Sverdrup. This is 5% less than production of 1.844 mbd in 2018.

    This means that your title saying ‘New field sends Norway’s oil production to 9-year high’ is inaccurate, misleading and unprofessional.

    Norway’s production has been declining at an average 2.5% since 2008 from 2.458 mbd to 1.759 mbd in 2019 according to the 2019 BP Statistical Review of World Energy.

    However, Johan Sverdrup’s development will help slow down the continuous decline in Norway’s production over the next few years.

    Dr Mamdouh G Salameh
    International Oil Economist
    Visiting Professor of Energy Economics at ESCP Europe Business School, London

Leave a comment

EXXON Mobil -0.35
Open57.81 Trading Vol.6.96M Previous Vol.241.7B
BUY 57.15
Sell 57.00
Oilprice - The No. 1 Source for Oil & Energy News