Norway produced 361.2 million normal cubic meters a day (MMscmd) of pure gasoline final month, 0.11 % larger than November, official figures confirmed Tuesday.
Yr-on-year, the December determine marks a lower of 5.64 % and the second consecutive month that the Nordic nation’s month-to-month gasoline output fell by prior-year comparability. Norway’s month-to-month gasoline output in 2024 had constantly risen year-over-year within the first 10 months, primarily based on information revealed on-line by the Norwegian Offshore Directorate.
December’s gasoline manufacturing beat the official forecast by 1.9 %, so did whole hydrocarbon manufacturing by one %.
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Whereas Norway’s whole December manufacturing of 682,000 normal cubic meters of oil equal rose 1.19 % month-on-month, it dropped 5.28 % in comparison with December 2023.
Oil manufacturing in December 2024 averaged 1.78 million barrels per day (MMbd). Complete liquid manufacturing landed at 2.02 MMbd.
Earlier the upstream regulator stated Norway set a brand new report in 2024 with 124 billion normal cubic meters of gasoline offered, in comparison with the earlier report of 122.8 billion normal cubic meters offered in 2022.
In December 2024 Norway offered 11.2 billion normal cubic meters of gasoline, 3.57 % larger than November.
Within the third quarter of 2024 Norway continued to be the European Union’s high pipeline gasoline provider with a share of 47 %, in response to the European Fee’s newest quarterly gasoline market report revealed December 20. Norway has been the EU’s largest gasoline supply because the latter half of 2022, months after Russia invaded Ukraine, in response to Fee information.
Gasoline accounts for over half of manufacturing on the Norwegian continental shelf, and most of this gasoline is exported to Europe, in response to the Directorate.
Norway’s whole hydrocarbon manufacturing was about 242.6 MMscm of oil equal (MMscmoe) in 2024, consisting of round 102.9 MMscmoe of oil, about 13.5 MMscmoe of pure gasoline liquids and condensate, and about 126.3 MMscmoe of gasoline on the market. The entire quantity grew eight MMscmoe in opposition to 2023, the Directorate reported.
Apart from the gasoline manufacturing report, Norway’s whole oil and gasoline manufacturing in 2024 was the very best since 2009, in response to the Directorate.
Norway holds about 7.1 billion normal cubic meters of oil equal (Bscmoe) remaining sources in its continental shelf. The determine contains 3.5 Bscmoe undiscovered sources, in response to the Directorate’s 2024 “Useful resource Report”.
On January 14, 2025, the Power Ministry awarded 53 hydrocarbon manufacturing leases on the nation’s continental shelf below final yr’s licensing spherical.
A complete of 20 companies, out of 21 that utilized below the 2024 Awards in Pre-Outlined Areas (APA), have been provided possession pursuits.
“Continued improvement of the Norwegian continental shelf (NCS) is necessary for employment, worth creation, and the ripple results of petroleum actions on the mainland going ahead”, Power Minister Terje Aasland stated in a web-based assertion.
“We want new discoveries to make sure that Norway can stay a steady and predictable provider of oil and gasoline to Europe. It’s subsequently very optimistic to see such nice curiosity in new exploration areas”.
Thirty-three of the brand new licenses are on Norway’s facet of the North Sea. Nineteen are within the Norwegian Sea, whereas one is within the Norwegian portion of the Barents Sea.
Norway’s majority state-owned Equinor ASA received essentially the most licenses with 27. It’s operator in seven of those.
Aker BP ASA has essentially the most operatorships, numbering 16. It’s a participant in a complete of 19 licenses below the 2024 APA.
To contact the writer, e-mail jov.onsat@rigzone.com
