Norway’s Preliminary Production Figures Higher Than Expected

Norway’s preliminary production figures for June 2015 show an increase in gas production with respect to the same period of 2014. Figures for June also indicate that actual production is higher than expected. 

‘The total petroleum production for the first six months in 2015 is about 111.6 million Sm3 oil equivalents (MSm3 o.e.), broken down as follows: about 44.4 MSm3 o.e. of oil, about 11.1 MSm3 o.e. of NGL and condensate and about 56.0 MSm3 o.e. of gas for sale. The total volume is 3.6 MSm3 o.e. higher than for the same period in 2014’ reads a note released by the Norwegian Petroleum Directorate on Thursday. 

The final figure for May 2015 is slightly lower than forecasts, but higher than production in May 2014. 

On Wednesday, Norway’s gas industry failed sending positive signals to markets. Det Norske announced it would appeal the recent decision on the ownership interests on Johan Sverdup field, while Wintershall came up dry in Norway’s PL734. 

A report published in June by Aberdeen & Grampian Chamber of Commerce in partnership with Bond Dickinson suggested that confidence in the oil and gas industry decreased over the last months, after two-thirds of North Sea operators abandoned projects over low oil prices. 

On the other hand, Norway overtook Russia as western Europe's top gas supplier, data from state firms shows.