Norway’s oil output surpasses expectations but gas falls slightly behind

Even though Norway saw a rise in oil and gas production in January 2023 compared to the volumes recorded during the year before, both of these figures are lower than the ones observed in December 2023. While the oil output is above the figures included in the Norwegian Offshore Directorate’s predictions, gas volumes are lower than the forecast.

According to the NOD’s recent report, preliminary production figures for January 2024 show an average daily production of 2 071 000 barrels of oil, NGL, and condensate.

Total gas sales were 11.71 billion Sm3 (GSm3), which is 0.2 (GSm3) lower than the previous month.

Average daily liquids production in January was: 1 829 000 barrels of oil, 222 000 barrels of NGL, and 20 000 barrels of condensate.

Production figures January 2024

Source: Courtesy of the Norwegian Offshore Directorate

Oil production in January is 1.9% higher than the Norwegian Offshore Directorate’s forecast. The total petroleum production so far in 2024 is about 21.9 million Sm3 oil equivalents (MSm3 o.e.), broken down as follows: about 9.0 MSm3 o.e. of oil, about 1.2 MSm3 o.e. of NGL and condensate and about 11.7 MSm3 o.e. of gas for sale. The total volume is 1.0 MSm3 o.e. higher than in January 2023.

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