Norway produced 122.9 million cubic meters (4.3 billion cubic ft) of oil equal within the first half (H1) of 2024, up 6.2 MMcm (219 MMcf) in comparison with the identical interval final yr as pure fuel output saved rising year-on-year within the six months working.
The Nordic nation, a key fuel provider for Europe, produced 340.2 MMcm (12 Bcm) per day of fuel final month, sustaining a constant year-over-year progress in month-to-month manufacturing in 2024.
June’s each day common for fuel manufacturing exceeded the federal government forecast by 6.5 p.c. The determine final month rose from 252.6 MMcmpd (8.9 Bcfpd) in June 2023 and 322.2 MMcmpd (11.4 Bcfpd) within the prior month, in line with knowledge launched by the Norwegian Offshore Directorate.
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Norway offered 10.2 Bcm (360.2 Bcf) of fuel June 2024, up from Might 2024.
Crude oil manufacturing totaled 1.7 million barrels per day (MMbpd) final month, about the identical because the prior month and the comparable interval in 2023. The crude determine exceeded the projection by 0.5 p.c.
Total liquid manufacturing in June totaled two MMbpd, additionally secure by each sequential and prior-year comparisons. The liquid sum for June topped the projection by 0.8 p.c.
Final yr, Norway remained the European Union’s largest provider of pure fuel accounting for 30 p.c or 87.8 Bcm (three trillion cubic ft), largely pipeline fuel, in line with the European Fee’s quarterly fuel report launched June 6, 2024. Norway has overtaken Russia because the latter’s invasion of Ukraine 2022.
New Tasks
Norway expects to place a number of initiatives into manufacturing this yr.
Final month, Equinor ASA introduced the startup of the Kristin South space within the Norwegian Sea, anticipating to supply 58.2 million barrels of oil equal (MMboe) within the first part of growth.
The preliminary part consists of the Kristin Q and Lavrans discoveries, that are being developed as satellites to the already producing Kristin discipline. The plan for growth and operation was submitted 2021 and authorised 2022.
One properly within the Lavrans discipline has been put on-line beneath the Kristin South venture, via a brand new subsea template tied again to the Kristin discipline platform, Equinor ASA stated in an announcement July 8. 4 extra wells are deliberate as a part of part one in every of Kristin South, consisting of three within the Lavrans discipline and one within the Q-segment within the Kristin discipline. The Kristin properly is deliberate to be drilled from an current subsea template linked to a semisubmersible facility.
The estimated restoration within the first part consists of 6.2 Bcm (219 Bcf) of pure fuel and 1.9 MMcm (67.1 MMcf) of oil.
Norway’s majority state-owned Equinor operates the venture with a 54.82 p.c stake via Equinor Power AS. Petoro AS, additionally an area state-owned participant, holds 22.52 p.c, Vår Energi ASA owns 16.66 p.c and TotalEnergies EP Norge AS has the remaining six p.c.
On Might 6 ConocoPhillips introduced the startup Eldfisk Nord, which has a useful resource potential of fifty–90 MMboe by the operator’s estimate. The Eldfisk discipline was found 1970. The event plan for the Eldfisk North venture was authorised December 2022. The Eldfisk North venture has an estimated funding of NOK 13 billion ($1.2 billion), in line with ConocoPhillips.
The venture contains 9 producing wells, exploited via subsea templates. Situated in Block 2/7 as a part of the Better Ekofisk Space, the venture raises the restoration price from the Ekofisk and Tor formations, in line with the Norwegian Offshore Directorate.
ConocoPhillips operates the sphere via ConocoPhillips Scandinavia AS with a stake of about 35.1 p.c. The companions are TotalEnergies (about 39.9 p.c), Vår Energi (about 12.4 p.c), Sval Energi AS (about 7.6 p.c) and Petoro (5 p.c).
On April 22, 2024, Aker BP ASA stated it had began up the Hanz discipline on the Norwegian aspect of the North Sea. The subsea growth, which has an estimated funding of practically NOK 5 billion ($458.7 million), holds reserves of about 20 MMboe, in line with 35 p.c proprietor and operator Aker BP.
Found 1997, Hanz is a tieback venture beneath the event plan for the already-producing Ivar Aasen discipline, which sits 12 kilometers (7.5 miles) south.
The opposite co-venturers are Equinor (50 p.c) and Sval (15 p.c).
Give attention to Barents Sea
Within the Norwegian Barents Sea, seen as key to sustaining Norway’s fuel export relevance, three fields can begin producing by the tip of 2024, in line with a press launch by the Norwegian Offshore Directorate April 17.
“Forecasts point out that manufacturing on the Norwegian shelf will peak in 2025”, the Directorate stated then.
“Johan Castberg approaching stream is among the contributing elements”, it stated. The sector is operated by Equinor with a 50 p.c stake.
“Good infrastructure is the confirmed key to excessive and long-term worth creation all through the shelf”, the Directorate added. “That is why it will be significant that main new discipline developments contribute to good, complete space options. Which means minor discoveries might be tied again, and it’ll additionally stimulate new exploration exercise”.
“Wisting is the subsequent main growth within the Barents Sea that may contribute new infrastructure”, it stated referring to a different Equinor-operated discipline. “This can be a strategically vital venture the place the authorities anticipate the licensees to facilitate a great space answer.
“Each Goliat, Johan Castberg, and almost definitely additionally Wisting, will ultimately want fuel offtake and the authorities are involved with making certain good coordination amongst corporations and good joint options”.
The Directorate stated on the time that Norway’s fuel exports to Europe may very well be maintained on the present degree via 2030 however that after the last decade, deliveries may decline. “That is why extra fuel discoveries should be developed”, it stated. “Elevated export capability from the Barents Sea may very well be an vital contribution.
“Research are underway on the best way to doubtlessly broaden export capability from the Barents Sea”.
The Directorate expects eight to 10 exploration wells to be drilled within the Barents Sea this yr.
To contact the writer, e-mail jov.onsat@rigzone.com
