The Norwegian Petroleum Directorate (NPD) reports that preliminary production figures for July 2020 show an average daily production of 2,062,000 barrels of oil, NGL and condensate.
Average daily liquids production in July was: 1,739,000 barrels of oil, 296,000 barrels of NGL and 27,000 barrels of condensate.
On 29 April 2020, the Government decided to implement a cut in Norwegian oil production. The production figures for oil in July include this cut of 134,000 barrels per day in the second half of 2020.
The NPD’s oil production forecasts have been updated in the Government’s proposed Revised National Budget for 2020, which was presented on 12 May.
The update takes the authorities’ oil production regulation into account, as well as delayed start-up of fields under development and oil production in the first quarter.
Oil production in June is 0.8% higher than the NPD’s forecast, and 0.1% below the forecast so far this year.
The total petroleum production for the first seven months in 2020 is about 134.8 million Sm3 oil equivalents (MSm3 o.e.), broken down as follows: about 57.6 MSm3 o.e. of oil, about 10.9 MSm3 o.e. of NGL and condensate and about 66.2 MSm3 o.e. of gas for sale.
The total volume is 7.3 MSm3 o.e. higher than in 2019.