Norway increases hydrocarbon production by 10.7% in May

Norway in May increased the production of oil, condensate and natural gas liquids (NGLs) by 10.7% year-on-year up to 2.01 million barrels per day (bpd), the Norwegian Petroleum Directorate (NPD) said, Report informs via Interfax.

In April, according to updated data, production was 2.05 million bpd. Thus, in May, it decreased by 1.9%.

Natural gas sales in May amounted to 8.4 billion cubic meters, which is 1.8 billion cubic meters (16.7%) less than a month earlier. This is the lowest level since at least the beginning of 2022.

The country's oil production last month averaged 1.722 million bpd, down 1.8% from April and up 8.3% from May 2022 production. NPD predicted the figure at 1.75 million bpd.

The total volume of hydrocarbon production in Norway in January-May, according to preliminary calculations, amounted to about 99 million cubic meters of oil equivalent, including 43 million cubic meters of oil and 50.5 million cubic meters of natural gas.