Norway’s June crude oil output falls more than expected

Norway’s June crude oil output falls more than expected

Crude oil output fell 12 per cent to 1.54 million barrels per day (bpd) which was 4.1 per cent below the official forecast which corresponded to a production cap of 1.61 million bpd set by the government

OSLO: Norway’s June crude oil output fell more than expected from May while natural gas production rose less than expected, the Norwegian Petroleum Directorate said on Friday.

Crude oil output fell 12 per cent to 1.54 million barrels per day (bpd) which was 4.1 per cent below the official forecast which corresponded to a production cap of 1.61 million bpd set by the government.

The total production quota is spread across various oil fields on the Norwegian continental shelf.

“The fields that produced less than the quota set for June can add these volumes to their production quota in the second half of the year,” the oil and energy ministry said in separate statement on Friday.

Crude oil output year on year, however, was up 45.8 per cent due to the ramp-up of Norway’s giant Johan Sverdrup oilfield, which started production last October.

Natural gas output rose 5.9 per cent month on month to 279.7 million cubic metres (mcm) per day, 10 per cent below the official forecast and its year-ago level.

Norway is Europe’s second largest natural gas supplier after Russia and produces about 2 per cent of the world’s crude oil.

https://energy.economictimes.indiatimes.com/news/oil-and-gas/norways-june-crude-oil-output-falls-more-than-expected/77028855

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