Norway Eyes Slower Growth in 2021-2023 Oil Output

The forecast for 2024 was meanwhile raised by 2.6% to an expected 16-year high of 2.1 million bpd.

SEATTLE (Oil Monster): Norway’s oil industry regulator has cut its 2021-2023 crude production forecasts, it said on Thursday, although output is still on track to grow as new fields are brought on stream.

Preliminary data shows crude output rose 20% in 2020 from 2019 to 1.7 million barrels per day (bpd) even as production was curbed by a strike among workers as well as government restriction to help lift global prices.

The Norwegian Petroleum Directorate (NPD) expects oil production to grow by 3.6% this year to 1.76 million barrels per day (bpd), down from a previous estimate of 1.87 million bpd.

The forecast for 2024 was meanwhile raised by 2.6% to an expected 16-year high of 2.1 million bpd.

State-controlled Equinor is expected to bring on stream the second phase of its Johan Sverdrup oilfield in late 2022 and the Arctic Johan Castberg field the following year, the company has said.

Courtesy: www.reuters.com