Daily Management Review

Norway revs up oil production


08/16/2016


Oil production in Norway in July 2016 increased to a record volume for the last five years, exceeding forecasts of experts, said the Norwegian Petroleum Directorate (NPD).



According to the NPD, local Norwegian producers are doing everything possible to increase oil production and to compensate for weak oil prices.

Norway is the largest producer of oil and gas in Western Europe. In July, the country increased its crude oil production to 1.73 million barrels a day, that is, by 10% compared with the previous year. This was done at the expense of production from the field Goliat, being developed by Eni SpA (a joint venture of Eni and Statoil). Production at this field started in March this year after several years of delays and excessive costs.

Increased production in Norway will surely add problems to the world oil market, already supersaturated. More even, this may be followed by a new decrease in petroleum quotations.

At the same time, this week price of Brent crude rose to $ 48 a barrel amid talks of a possible freeze of production in countries - key market players. However, the oil price is still at a lower level compared to 2014, when oil futures amounted to $ 100.

The NPD added that monthly oil production in Norway was on the all-time high since March of 2011, and exceeded the forecast by 9%.

Maximum volume of production at Goliat field, located in the Barents Sea, is 100 th. barrels of crude oil per day, according to Eni’s information.

Total production of oil and natural gas in Norway in July was 3.97 million barrels of oil equivalent per day. During the first seven months of this year, the total volume of hydrocarbon production in Norway increased by 6% compared to the same period a year earlier. 

source: marketwatch.com






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