Norway's crude oil output rose 6.4% on the year in July, and was the highest since May 2012, as several fields performed well, the Norwegian Petroleum Directorate said Wednesday.
Norway
's
crude oil output rose 6.4% on the year in July, and was the highest since May
2012, as several fields performed well, the Norwegian Petroleum Directorate
said Wednesday.
Norway
's
crude oil output was 1.576 million barrels a day in July, 8% above the
directorate's forecast. So far in 2013, crude oil output was 9% lower than a
year ago, and slightly below the directorate's estimate.
Oil output in
Norway
has
been on a declining trend for more than a decade. Total oil and gas output rose
slightly in 2012, as higher gas production offset a huge drop in oil output,
but total output was still 15% below the country's 2004 peak.
Norway
's
natural gas output in July was about in line with last year's production at 9.2
billion cubic meters.
Production in July was reduced on the Statoil ASA-operated Oseberg, Vigdis and
Skuld fields and the BP PLC-operated Skarv, Ula and Valhall fields due to
technical problems, the directorate said, but this was offset by good
performance on other fields.
The directorate has projected
Norway
's oil
and gas production to fall 5% in 2013, but to rebound next year and remain
around the 2012 level until 2017.
Fueled by high prices, oil companies operating in
Norway
expect record-high investments in 2013. Most of the investments are required to
maintain and boost production in existing fields such as Ekofisk and Troll, but
new fields are also being developed, such as Edvard Grieg, Ivar Aasen and
Martin Linge.
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