Norway produced 341.2 million cubic meters (12.05 billion cubic toes) per day of pure fuel in October, 41.3 p.c greater than September with month-to-month fuel output this 12 months persevering with to extend constantly by prior-year comparability, official knowledge has proven.
October fuel manufacturing beat the forecast by 4 p.c. The Nordic nation’s whole hydrocarbon manufacturing of 657,000 cubic meters (23.2 million cubic toes) of oil equal a day rose year-on-year and month-on-month, in addition to surpassed the projection by 5 p.c, in line with figures revealed on-line by the Norwegian Offshore Directorate.
Norway, the European Union’s high supply of fuel, bought 10.6 billion cubic meters (374.34 billion cubic toes) final month, up 3.4 billion cubic meters (120.07 billion cubic toes) from September.
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October oil manufacturing averaged 1.77 million barrels per day (bpd), up 10.9 p.c in opposition to the prior month and 0.1 p.c in comparison with the identical interval final 12 months. It beat the estimate by 8.2 p.c.
Pure fuel liquids manufacturing totaled 196,000 bpd, whereas condensate manufacturing got here at 19,000 bpd.
Norway stays the EU’s greatest fuel provider, accounting for 34 p.c or 23.3 billion cubic meters (822.83 billion cubic toes) of the 27-member bloc’s imports within the second quarter, in line with the most recent quarterly fuel market report of the European Fee. It was adopted by Russia (18 p.c), the US (16 p.c), North Africa (15 p.c), Qatar (4 p.c) and Azerbaijan (4 p.c). Norway has held this place for the reason that latter half of 2022, months after Russia invaded Ukraine, in line with Fee knowledge.
Half of the EU’s pipeline imports within the April–June interval got here from Norway with the nation sending 22 billion cubic meters (776.92 billion cubic toes).
For the third quarter of 2024 state-backed Equinor ASA reported a 1.1 p.c year-on-year fall in manufacturing to 1.98 million barrels of oil equal per day. Whereas manufacturing on the Norwegian continental shelf elevated two p.c year-over-year pushed by the Troll area, Equinor’s output at dwelling “was partially offset by in depth turnarounds, pure decline and decreased possession within the Statfjord space”, the corporate stated in a press release October 24.
“Over time, we now have upgraded the capability within the fuel worth chain”, president and chief government Anders Opedal stated. “This has contributed to an all-time excessive manufacturing from the Troll area within the fuel 12 months. Within the quarter, the Johan Sverdrup area delivered a manufacturing document of greater than 756,000 barrels of oil in in the future and reached the milestone of 1 billion barrels produced for the reason that start-up 5 years in the past.
“This strengthens our place to ship protected and dependable vitality to Europe”.
Equinor has set a manufacturing progress goal of over 5 p.c from 2023 to 2026.
In the meantime Aker BP ASA, one other main participant on the Norwegian continental shelf, has revised up the decrease finish of its projected manufacturing for 2024 from 420,000 boed to 430,000 boed, whereas the higher finish stays at 440,000 boed.
Aker BP noticed output fall year-on-year and quarter-on-quarter to 414,700 boed within the third quarter because of deliberate upkeep actions. It now expects manufacturing to get well within the fourth quarter, it stated October 30.
On September 3, it introduced the beginning of manufacturing within the Tyrving area within the Alvheim space, 5 months sooner than deliberate. The sector’s recoverable sources are estimated to be 25 million boe.
“The corporate is advancing a number of large-scale area developments set to considerably enhance manufacturing from 2027”, Aker BP stated. “These initiatives are progressing on schedule, inside price range, and reveal sturdy economics”.
To contact the writer, electronic mail jov.onsat@rigzone.com
