Norway's oil and gas production figures released for November 2024 indicate varying trends, highlighting the country's significant role as Europe's largest supplier of natural gas and a key oil producer.
The preliminary production figures for November show Norway's average daily output reaching 1,975,000 barrels of oil, natural gas liquids (NGL), and condensate. The total gas sales for the month were reported at 10.8 billion standard cubic meters (GSm3), marking a 0.2 GSm3 increase compared to the previous month.
Further detailing production breakdown, November saw Norway producing approximately 1,774,000 barrels of oil, 221,000 barrels of NGL, and 18,000 barrels of condensate. These figures collectively contribute to total petroleum production for the year, which stands at around 221.4 million Sm3 oil equivalents (MSm3 o.e.). This figure is higher than previous forecasts and shows a positive trend from 2023, with production up by 9.2 MSm3 o.e.
According to the Norwegian Offshore Directorate (NOD), oil production exceeded both the NOD’s forecast and earlier predictions for the year, indicating resilience amid varying output levels throughout the year due to maintenance needs across more than 90 offshore fields.
Despite this, Norway's combined oil and gas production did experience some decline when compared to the same month last year. It fell by 2.6% year-on-year but exceeded forecasts. Overall output, measured at 0.674 million standard cubic meters per day, translates to approximately 4.24 million barrels of oil equivalent, as reported by the NOD.
Natural gas production also showed fluctuations. It declined to 360 million cubic meters (mcm) per day from 365 mcm produced the previous year. Nevertheless, this figure surpassed the NOD's forecast of 349.5 mcm by 3%, demonstrating Norway's ability to maintain substantial production levels amid challenging conditions.
On the crude oil front, output dipped slightly, reaching 1.74 million barrels per day (bpd) for November, down from 1.81 million bpd during the same month last year. Nonetheless, this output remained above the NOD's prior forecast of 1.68 million bpd, indicating effective management of the production schedule.
These production figures reflect Norway's strategic importance within the European energy market, especially as nations seek reliable sources of oil and gas amid shifting geopolitical landscapes and energy needs. The NOD's reporting encompasses the complex nature of managing offshore production, taking note of the challenges of maintenance and operational stoppages.
Overall, the trends illustrated by Norway's oil and gas production figures for November 2024 serve as reminders of fluctuative market conditions and the continued strategic movements within the energy sector as Norway works to balance production maintenance with market demands.
With sustainable management practices and investment, Norway is positioned not only to meet the forecasted energy needs for the region but also to remain competitive and resilient within the global oil and gas industry.
