Preliminary official figures confirmed Norway produced 339.8 million customary cubic meters a day (MMscmd) of pure fuel in April, down for the second consecutive month by each sequential and year-on-year comparisons.
The determine beat the forecast by 1.3 p.c or 4.2 MMscmd, in accordance with the figures revealed on-line by the Norwegian Offshore Directorate.
The Nordic nation offered 10.2 billion customary cubic meters (Bscm) final month. That’s down by 700 MMscm from March.
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Based on the European Fee’s newest quarterly fuel market report, Norway accounted for 50 p.c of fuel imported into the European Union by pipeline within the fourth quarter of 2024.
In March Equinor ASA stated it has put onstream the Halten East subject within the Norwegian Sea, growing Norway’s capability to export fuel to Europe. Halten East, a tie-in to be developed in two phases, holds about 100 million barrels of oil equal recoverable reserves, in accordance with the Norwegian majority state-owned power firm.
“We’re beginning up Halten East at a time the place piped fuel from Norway is in excessive demand and vital for power safety”, Geir Tungesvik, government vp for tasks, drilling and procurement at Equinor, stated in a web based assertion March 17.
Earlier this month the European Fee launched a roadmap to finish all imports of Russian fuel by 2027.
In the meantime Norway’s oil manufacturing in April averaged 2.03 million barrels per day (MMbd), up each month-on-month and year-over-year. The determine additionally exceeded the projection by 1.2 p.c.
In late March Equinor began producing oil on the Johan Castberg subject within the Barents Sea, rising Norway’s manufacturing capability by 220,000 barrels per day (bpd) at peak. Recoverable volumes are estimated to be 450-650 million barrels in accordance with Equinor.
“The Johan Castberg subject will contribute essential power, worth creation, ripple results and jobs for no less than 30 years to return”, Tungesvik stated March 31.
“Johan Castberg opens a brand new area for oil restoration and can create extra alternatives within the Barents Sea”, added Kjetil Hove, Equinor government vp for exploration and manufacturing in Norway. “We have already made new discoveries within the space and can maintain exploring along with our companions.
“We have recognized choices so as to add 250-550 million new recoverable barrels that may be developed and produced over Johan Castberg”.
Twelve of Johan Castberg’s 30 wells “are prepared for manufacturing”, sufficient to realize the anticipated peak quantity within the second quarter, Equinor stated.
It’s the third subject developed on Norway’s facet of the Barents Sea after Snøhvit, which went on-line 2007, and Goliat, which started manufacturing 2016.
Estimated useful resource volumes on the Norwegian continental shelf rose 36 million customary cubic meters of oil equal (scmoe) to fifteen.61 billion scmoe – earlier than accounting for manufacturing – as of year-end 2024, the Directorate reported February 20, 2025.
The whole determine consisted of 8.73 billion scmoe produced, 2.26 billion scmoe of reserves, 651 million scmoe of contingent assets in fields, 472 million scmoe of contingent assets in discoveries and three.5 billion scmoe of undiscovered assets.
The produced quantity rose 239 million scmoe from 2023, whereas reserves fell 205 million scmoe. Whole contingent assets dropped 17 million scmoe towards 2023. Undiscovered assets grew 20 million scmoe towards 2023.
The rise in undiscovered assets got here from opened areas, with no change in undiscovered assets in unopened areas. “This modification outcomes from a discount in undiscovered assets within the North Sea, coupled with will increase within the Barents Sea and within the Norwegian Sea”, the Directorate stated.
“Giant areas within the Barents Sea have but to be opened for petroleum exercise, and that is the place the best anticipated worth for undiscovered assets might be discovered”, it famous.
To contact the writer, e mail jov.onsat@rigzone.com
