The Norwegian Petroleum Directorate (NPD) reports that the average daily liquids production in August was: 1,722,000 barrels of oil, 270,000 barrels of NGL and 26,000 barrels of condensate.
On 29 April 2020, the Government decided to implement a cut in Norwegian oil production.
The production figures for oil in August include this cut of 134,000 barrels per day in the second half of 2020.
The Norwegian Petroleum Directorate’s oil production forecasts have been updated in the Government’s proposed Revised National Budget for 2020. This 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 August is 0.2% lower than the NPD’s forecast, and 0.1% below the forecast so far this year.
The total petroleum production for the first 8 months in 2020 is about 153.6 million Sm3 oil equivalents (MSm3 o.e.), broken down as follows: about 66.1 MSm3 o.e. of oil, about 12.4 MSm3 o.e. of NGL and condensate and about 75.1 MSm3 o.e. of gas for sale.
The total volume is 9.8 MSm3 o.e. higher than in 2019.