STAVANGER — Preliminary production figures for May 2019 show an average daily production of 1,599,000 bbl of oil, NGL and condensate, which is a decrease of 120,000 bpd compared to April.
Total gas sales were 9.9 Bscm (Gsm3), which is a decrease of 0.1 Gsm3 from the previous month. Average daily liquids production in May was: 1,250,000 bbl of oil, 319,000 bbl of NGL and 29,000 bbl of condensate.
Oil production in May is 5.4% lower than the NPD’s forecast, and 2.5% below the forecast so far this year.
STAVANGER — Our estimates indicate that more than half of the oil and gas that has not yet been discovered is located in the Barents Sea. The rest is distributed between the Norwegian Sea and the North Sea. The opportunities are greatest in the Barents Sea, where vast areas have not yet been explored.
The Norwegian Petroleum Directorate presented the report titled Petroleum activity in the High North on 2 April (in Norwegian only). The report places the petroleum activity in the High North into a historical, international and technological framework.
“We hope that the report can contribute in a knowledge-based approach to the debate,” said director general Bente Nyland when she presented the report at the Barents Sea Conference 2019.
STAVANGER — The Norwegian Petroleum Directorate has presented the report Petroleum Activity in the High North. The report places the petroleum activity in the High North into a historical, international and technological framework.
“We hope the report can contribute in a knowledge-based approach to the debate,” says Director General Bente Nyland, who presented the report at the Barents Sea conference.
Petroleum activity has taken place in the High North since the first exploration wells were drilled near the coast in the Laptev Sea in Russia in the 1930s. In Norway, petroleum activities in the north started in 1979, and production started from the Snøhvit field in 2007.
Norway is one of five Arctic coastal states, but due to the Gulf Stream, most of our sea areas remain ice-free year-round. The climate in the High North in Canada, the U.S., Russia and Greenland is considerably more challenging, with ice sheets partly or completely covering the area throughout the year.
Norway has built a reputation as one of the calmest and most predictable corners of the global oil industry, but lately it’s been full of surprises.
During the worst downturn in a generation, from 2014 to 2016, companies would regularly exceed official forecasts as oil production rose in defiance of falling prices. More recently, with crude surging back to multiyear highs, they’ve run into trouble.
The Norwegian Petroleum Directorate now expects output to fall to a 31-year low in 2019, with production expected to be almost 60 million barrels short of its previous forecast for this year and in 2018. That’s 80,000 barrels a day less than expected.