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Page added on August 16, 2014
Norway’s oil production up 8 percent
Oil production from Norway, one of Europe’s top producers, in July was 8 percent higher than the previous month, the government said Thursday.
The National Petroleum Directorate, a government regulator, said preliminary production figures for July show an average daily production of 1.93 million barrels of oil, natural gas liquids and condensate, about 8 percent more than was produced in June.
Around 80 percent of that production volume was crude oil. The NPD said oil production was 2 percent higher than what it expected for July, but 3.5 percent lower year-on-year.
Technical problems at three fields — Draugen, Skuld and Valhall — were blamed for the decline, though NPD said oil production was still about 1 percent higher for the year than anticipated.
Norway has more oil reserves than any other European country. Last year, it exported 1.19 million bpd worth of oil, with most of that headed to the British and Dutch economies.
Total gas sales from Norway were about 282 billion cubic feet in July, around 7 percent more than the previous month.
8 Comments on "Norway’s oil production up 8 percent"
Norm on Sat, 16th Aug 2014 6:46 pm
Ya. all we need is the next big techno revolution, to keep all the cars running.
John Orr on Sat, 16th Aug 2014 7:41 pm
What a country to live in…..no problems …..no real work …..just oil revenue!
John Orr on Sat, 16th Aug 2014 7:45 pm
PS….if I ever find a viking boat pillaging in my era I will personally cut the fuckers cocks off!
rockman on Sat, 16th Aug 2014 8:42 pm
Wow…what a freaking shocker: oil prices increases 300% and suddenly, by some miracle of technology, countries start finding more oil.
BTW geologists, like moi, have file cabinets full of projects that work at $X/bbl, $1.5X/bbl, $2X/bbl, etc. We just wait for the appropriate price to dust them off. As I’ve mentioned I’m currently producing 125 bopd from a new well in a “depleted reservoir”. I generated the idea 15 years ago but it wasn’t economical at $35/bbl. Today, at $90+/bbl it is.
It isn’t a miracle…it’s simple economics. The public pays out the ass and thus we drill more wells and produce more oil. Viva La revolution!!! LOL.
Nony on Sat, 16th Aug 2014 9:17 pm
I completely agree with that. It’s call elasticity of supply. Meester Hubbert didn’t address this in his paper. And it’s one reason, why you’re better than him.
Harquebus on Sat, 16th Aug 2014 10:13 pm
Rockman: “wait for the appropriate price to dust them off”
There is a limit. The global economy is going to crash because, we is runnin’ outta credit.
Here’s the problem:
Increase energy production, grow populations, grow economies, build massive amounts of energy guzzling infrastructure and pay off debt all while trying to reduce greenhouse gasses and budget deficits. Ha!
rockman on Sat, 16th Aug 2014 11:14 pm
H – Exactly. One thing that has been beaten into me after ling it for 40 years: not only is there a limit there’s nothing static either on the high or low end. For 4 decades booms followed by busts followed by booms, etc. And typically the economies moving in the opposite direction.
Every optimistic projection has eventually been proven wrong…just as has been the case with every pessimistic projection.
But as you seem to imply we have a feedback loop that seems to be becoming more dynamic and shorter cycled.
Apneaman on Sat, 16th Aug 2014 11:42 pm
8% more than last month, but 3.5 percent lower year-on-year. Don’t these spin doctors ever fucking sleep?