Page 8 - EurOil Week 33 2021
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EurOil PERFORMANCE EurOil
Norwegian oil, gas production bounces back in July
NORWAY
PRELIMINARY figures from the Norwegian Petroleum Directorate show that the coun- try’s oil and gas production bounced back in July after dipping in June. According to the directorate, Norway produced 2.035mn bar- rels per day (bpd) of liquids in July, including 1.753mn bpd of oil, 272,000 bpd of natural gas liquids (NGLs) and 10,000 bpd of condensate, as well as 311.9mn cubic metres per day of natural gas.
Total production was up 14.4% from June, and roughly back in line with both July 2020 levels and forecasts for the latest month. Gas production was up 19.2% on June levels, and only fell 1.4% short of the July forecast, while oil output rose 5.1% month on month and beat the forecast by 0.1%.
The increase in production comes after dis- ruptions including operational issues offshore and extensive maintenance turnarounds that were pushed back to this year from 2020 as a
result of the coronavirus (COVID-19) pan- demic. Additionally, Norway’s Hammerfest LNG plant remains offline after suffering major damage in a fire, and is not due to return to ser- vice until 2022. The Snohvit field also remains offline as a result.
However, output is now anticipated to rise above year-ago levels between now and the end of 2021, which will be welcomed by consumers in Europe – major buyers of Norwegian gas, who are facing a winter supply crunch.
The directorate said that Norway’s total petro- leum production over the first seven months of 2021 had averaged about 132.3mn cubic metres of oil equivalent, with oil accounting for 58.6 mcm of this, NGLs and condensate making up about 9.0 mcm and gas comprising roughly 64.7 mcm.
The total for the seven months is around 2.6 mcm of oil equivalent lower than in 2020, the directorate added.
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w w w . N E W S B A S E . c o m Week 33 19•August•2021
