Page 12 - Euroil Week 41 2019
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EurOil PERFORMANCE EurOil
Norway sees further output decline in September
NORWAY
NORWAY suffered a further decline in oil and gas production in September, data published by the Norwegian Petroleum Directorate (NPD) shows, continuing a trend seen for much of this year.
The country produced 1.312mn barrels per day during the month, down 3.7% month on month, though up 0.5% year on year. Total out- put of oil, NGLs and condensate amounted to 1.574mn bpd, down 5.1% and 2.2% respectively.
Meanwhile, gas supply reached 192mn cubic metres per day, marking a 27% m/m fall and 35.9% decline y/y. The sharp drop in gas production was down to extensive maintenance runs.
Oil and gas output was 23% lower than
forecast, as repairs have dragged on for longer than expected. Some fields have also experi- enced technical problems.
Moving forward, national oil production will get a boost from the launch of the Johan Sver- drup project in the North Sea earlier this month. The Equinor-operated field is set to be producing at a plateau rate of 440,000 bpd by next summer. Under its second phase starting in late 2020, out- put should reach 660,000 bpd.
The outlook for natural gas is less promising. Norway produced 84.88bn cubic metres of gas in the first nine months of 2019, compared with 90.69 bcm in the same period last year. Norway now has only four months to minimise this decline.
Liquids production. Source: NPD.
Gas production. Source: NPD.
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Week 41 17•October•2019
