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Norway’s oil production reaches 9-year high

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Norway’s oil production rose to a nine-year high in December 2019 beating the authorities’ forecast by 12.7 percent, due to the start-up of the huge Johan Sverdrup oilfield.

This was revealed in the Norwegian Petroleum Directorate (NPD) recent report.

Norway’s oil production in December rose by 4.3 percent from November and jumped by 17 percent compared to December 2018.

The operation of Equinor’s Johan Sverdrup oilfield in the North Sea was barely in its third month in December 2019 with Norway’s oil production averaging 1.759 million barrels per day (BPD) which marked the highest oil production offshore Norway since January 2011.

Meanwhile, the average oil production in Norway in full-2019 was expected to be at its lowest level in three decades, the NPD estimated previously. But Johan Sverdrup’s discovery will help Norway boost its oil production over the next few years according to analysts.

Currently, Sverdrup oilfield is already producing 350,000 barrels of oil per day, two months after coming on stream, a senior executive at Equinor told Reuters early last month.

The first phase of the Johan Sverdrup oil production is estimated at 440,000 BPD and is expected to be reached by the middle of this year. Peak production with the second development phase is expected to reach 660,000 BPD. At peak production, Johan Sverdrup will account for around a third of Norway’s crude oil production.

As Norway’s oil production booms, analysts have revealed that the production is expected to jump in 2020 through 2023 if things remain intact.

Source Oil Price
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