Norway’s pure fuel output set a brand new file in 2024 with 124 billion commonplace cubic meters offered, in comparison with the earlier file of 122.8 billion commonplace cubic meters offered in 2022, the Nordic nation’s upstream regulator has reported.
“The excessive manufacturing in 2024 was attributable to excessive regularity on the fields and elevated capability following upgrades in 2023”, the Norwegian Offshore Directorate stated on its web site.
Earlier Equinor ASA stated the Troll subject on the Norwegian facet of the North Sea produced a file 42.5 billion commonplace cubic meters of fuel final yr. The determine is equal to about 3 times Norway’s hydropower manufacturing in a traditional yr, in line with the bulk state-owned firm.
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Equinor, which operates the sphere with a stake of over 30.58 %, stated in a press launch January 6, “This yr’s file is the results of excessive regularity, a yr with out turnarounds, in addition to upgrades which have elevated effectivity”.
Troll holds remaining reserves of 624.2 million commonplace cubic meters of oil equal, from the unique recoverable reserves of roughly 1.77 billion commonplace cubic meters of oil equal. Gasoline accounts for 606 million commonplace cubic meters of oil equal of the remaining reserves whereas pure fuel liquids comprise 15.3 million and oil 2.9 million, in line with info on authorities web site Norskpetroleum.no.
Norway’s whole oil and fuel manufacturing final yr was the very best since 2009, reaching 240 million commonplace cubic meters of oil equal, in line with the Directorate. The Troll and Johan Sverdrup fields within the North Sea contribute about 37 % of hydrocarbon manufacturing on Norway’s continental shelf (NCS), the Directorate stated.
Gasoline accounts for over half of manufacturing in Norwegian waters, it stated, including many of the fuel is exported to Europe.
Within the third quarter of 2024 Norway continued to be the European Union’s high pipeline fuel provider with a share of 47 %, in line with the European Fee’s newest quarterly fuel market report revealed December 20, 2024.
“Manufacturing on the shelf is anticipated to stay at a steady, excessive stage over the following two to a few years, and can then step by step decline in the direction of the top of the 2020s”, the Directorate added.
On the finish of final yr 94 fields have been working on the Norwegian shelf, in line with the Directorate. In 2024 the Hanz and Tyrving fields within the North Sea got here onstream, whereas no fields shut down, it added.
The Directorate expects the Castberg subject on Norway’s portion of the Barents Sea to start out manufacturing within the first quarter of 2025. “This might be necessary for oil manufacturing and additional growth of the Barents Sea as a petroleum province”, it acknowledged.
“A number of new fields are anticipated to return on stream over the following few years, however many may even shut down.
“Some beforehand shut-down fields are actually being thought-about for redevelopment with an easier growth resolution.
“One necessary cause why manufacturing stays at such excessive ranges is that the fields are producing for longer than initially deliberate. New and improved expertise has allowed us to repeatedly enhance our understanding of the subsurface. This has enabled the business to additional develop the fields. New growth initiatives, extra manufacturing wells and exploration within the surrounding space have helped lengthen the lifetimes of most fields”.
This yr the Directorate expects NOK 264 billion ($22.99 billion) in investments in Norway’s offshore oil and fuel sector.
Whereas elevated exercise has contributed to anticipated greater investments for 2024–26, “scarce capability in components of the provider business, a weakened Norwegian forex and development in prices have led to greater value and funding projections for 2024–2026 particularly, in contrast with what was offered on the finish of 2023”, it stated. “Increased drilling prices per growth effectively additionally contribute to a better stage of funding”.
“We anticipate exploration exercise and exploration prices to stay about the identical as in 2024”, the Directorate added.
“Measures to scale back emissions and discharges from petroleum actions on the NCS account for a considerable share of the investments main as much as 2030.
“Regardless of the excessive stage of exercise within the business, new funding selections might be obligatory to keep up exercise sooner or later”.
Norway, now the highest fuel provider for Europe having overtaken Russia, holds about 7.1 billion commonplace cubic meters of oil equal remaining sources in its continental shelf. The determine consists of 3.5 billion commonplace cubic meters of oil equal undiscovered sources, in line with the Directorate’s 2024 “Useful resource Report” revealed earlier.
To contact the creator, e mail jov.onsat@rigzone.com
