Norway produced 2.1 million barrels of petroleum, pure fuel liquids (NGLs) and condensate per day final month, up from the prior month and the corresponding interval a yr in the past, the Norwegian Offshore Directorate has reported.
The determine exceeded the forecast by 2.4 p.c, the report confirmed. Every day oil output averaged 1.8 million barrels, whereas common every day NGL manufacturing stood at 223,000 barrels and condensate at 20,000 barrels.
Gasoline manufacturing totaled 364.5 million cubic meters (12.9 billion cubic ft) a day. Whereas that was up from February, fuel gross sales in March fell month-on-month by 900 million cubic meters (31.8 billion cubic ft) to 11.3 billion cubic meters (399.1 billion cubic ft), in keeping with the official figures.
Final yr, Norway continued to be Europe’s greatest provider of pure fuel accounting for 30.3 p.c, having overtaken Russia for the reason that latter’s invasion of Ukraine 2022, in keeping with European Union figures.
This yr, the directorate expects “excessive exercise” that was seen 2023 on the Norwegian continental shelf to proceed, it mentioned in a report January 11, 2024.
Manufacturing Ramp-Up in Barents Sea
Final Wednesday the directorate mentioned three fields within the Barents Sea have been anticipated to begin producing by the top of 2024.
“It took a variety of good choices to get the place we’re at the moment within the Barents Sea, and we now have the chance to put an excellent basis for additional growth of this a part of the Norwegian shelf”, Torgeir Stordal, director-general of the Norwegian Offshore Directorate, advised the Barents Sea Convention, as quoted in an official press launch.
The discharge acknowledged, “Forecasts point out that manufacturing on the Norwegian shelf will peak in 2025”.
“Johan Castberg approaching stream is likely one of the contributing elements”, the directorate mentioned within the information launch. The sphere is operated by Norway’s majority state-owned Equinor ASA 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’s important that main new subject developments contribute to good, complete space options. Which means minor discoveries could 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 mentioned referring to a different Equinor-operated subject. “This can be a strategically vital venture the place the authorities count on the licensees to facilitate an excellent space resolution.
“Each Goliat, Johan Castberg, and most probably additionally Wisting, will ultimately want fuel offtake and the authorities are involved with guaranteeing good coordination amongst corporations and good joint options”.
Whereas Equinor can also be an proprietor in Goliat with a 35 p.c curiosity, the operator is Var Energi ASA with a 65 p.c stake.
The directorate mentioned Norway’s fuel exports to Europe could possibly be maintained on the present degree by means of 2030 however that after the last decade, deliveries might decline. “That is why extra fuel discoveries must be developed”, it mentioned within the press launch. “Elevated export capability from the Barents Sea could possibly be an vital contribution.
“Research are beneath manner on learn how to doubtlessly develop export capability from the Barents Sea”.
The directorate expects eight to 10 exploration wells will probably be drilled within the Barents Sea this yr.
Eight of the 62 manufacturing licenses that the Norwegian Power Ministry awarded for the Awards in Predefined Areas 2023 spherical are within the Barents Sea.
“Final yr, I particularly inspired corporations to discover alternatives within the Barents Sea”, Power Minister Terje Aasland mentioned in a media launch January 16, 2024, asserting the outcomes. “This yr we’re providing greater than double the variety of manufacturing licenses on this area in comparison with final yr’s spherical”.
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