Preliminary official information confirmed Norway produced 296.9 million normal cubic meters a day (MMscmd) of pure fuel in Could, down for the third consecutive month by each sequential and year-on-year comparisons.
The month-on-month lower was 13.2 p.c whereas the year-on-year lower was 7.9 p.c. Could’s fuel manufacturing did beat the official forecast by 800,000 normal cubic meters per day, based on preliminary figures printed by the Norwegian Offshore Directorate (NOD).
The Nordic nation bought 9.2 billion normal cubic meters (Bscm) of fuel final month. That’s down by 1.1 Bscm from April, based on the upstream regulator.
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In the meantime Norway’s oil manufacturing in Could averaged 1.81 million barrels per day (MMbd), down month-on-month and year-over-year. The determine exceeded the NOD projection for Could by one p.c and the projection for 2025 by 2.1 p.c, the NOD mentioned.
Complete liquid manufacturing was 1.98 MMbd, down in opposition to April and the identical interval final yr. It fell in need of the forecast by 1.2 p.c.
In late March Equinor ASA began producing oil on the Johan Castberg area within the Barents Sea. Recoverable volumes had been initially estimated to be 450-650 million barrels however Equinor mentioned it had recognized 250-550 million new recoverable barrels.
Final Friday the Norwegian majority state-owned vitality main mentioned Johan Castberg has ramped as much as capability, or 220,000 barrels of oil per day.
“This will increase vitality deliveries from the Barents Sea by 150 p.c”, Equinor mentioned in a press launch.
Johan Castberg is the third area developed on Norway’s facet of the Barents Sea after Snohvit, which went on-line 2007, and Goliat, which started manufacturing 2016.
“Johan Castberg represents a gamechanger for the significance of the Barents Sea for Norway’s future as an vitality nation. Each three to 4 days, tank hundreds now depart from Johan Castberg, every of them price round half a billion Norwegian kroner”, Kjetil Hove, Equinor govt vp for Norwegian exploration and manufacturing, mentioned Friday.
“The sphere will stay on stream for a minimum of 30 years, delivering secure vitality to Europe, producing excessive worth for Norway, and ripple results and jobs in Northern Norway”.
As of year-end 2024 estimated useful resource volumes on the Norwegian continental shelf rose 36 million normal cubic meters of oil equal (scmoe) to fifteen.61 billion scmoe – earlier than accounting for manufacturing, based on an NOD report February 2025.
The overall 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. Complete contingent assets fell 17 million scmoe in opposition to 2023. Undiscovered assets grew 20 million scmoe in opposition to 2023.
The rise in undiscovered assets got here from opened areas, with no change in undiscovered assets in unopened areas. “This variation 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 mentioned.
“Massive 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 will be discovered”, it famous.
To contact the writer, e-mail jov.onsat@rigzone.com
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