Norway Increased Production of Liquid Hydrocarbons in July Worse than Expected
Norway in July 2023 increased the production of oil, condensate and NGL by 9% year-on-year, to 2.037 million barrels per day (b / d), according to preliminary data from the Norwegian Petroleum Directorate (NPD).
The indicator turned out to be worse than the NPD forecast, which expected production at the level of 2.065 million b/d.
In June, according to updated data, production was 2.016 million b/d, and not 1.99 million b/d. Thus, in July the indicator increased by 1%.
Including oil production in the country last month averaged 1.828 million b/d, which is 0.6% more than in June and 11.5% more than production in July 2022. NPD forecasted the figure at 1.84 million b/d.
Meanwhile, natural gas production in July amounted to 9.96 billion cubic meters, or 321.3 million cubic meters per day, while the forecast was 11.138 billion cubic meters, or 359.3 million cubic meters per day.
The June figure, according to the revised data, amounted to 7.52 billion cubic meters, and not 7.77 billion cubic meters, as previously reported. This is the lowest level in more than three years.
The cumulative production of all hydrocarbons in Norway in July amounted to 645 thousand cubic meters of oil equivalent per day, an increase of 13% compared to June, but a decrease of 0.5% in annual terms.
The total volume of hydrocarbon production in Norway in January-July, according to preliminary estimates, amounted to about 136.3 million cubic meters of oil equivalent, including 60.7 million cubic meters of oil and 68.1 million cubic meters of natural gas. The cumulative production was 2 million cubic meters. more than the same period in 2022, NPD notes.
