In April, oil production in Norway significantly decreased

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In April, oil production in Norway significantly decreased
May 21
09:00 2020

The Norwegian Petroleum Directorate has released statistics on hydrocarbon production in April. It became known that the Scandinavian country has reduced oil, condensate and NGL production by 2.9% (on a monthly basis); the average volume has amounted to 2.117 million barrels per day.

If we consider the indicator in annual terms, then its value has increased 23.2%.

Natural gas production fell in April too. The reduction compared to March has amounted to 1.7 billion cubic meters in absolute terms. For the month, the production has totaled 9.02 billion cubic meters.

Oil production in April amounted to an average of 1.783 million bpd, which is 4.5% more than in March. In annual terms, oil production has grown by almost a third.

From the beginning of the year to the end of April, the total hydrocarbon production in Norway has amounted to 79.8 million cubic meters of oil equivalent. Oil has accounted for 33.2 million cubic meters, while natural gas has accounted for 40.1 million cubic meters. The total production has increased 3.9 million cubic meters compared to the same period last year.

 

The material was prepared with the participation of Katya Wilson,
a leading analyst of the brokerage company UFT Group

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