Oil production hits a new peak in Norway

tujobs.comNorway hit a new record in crude oil production this July. According to the Norwegian Petroleum Directorate (NPD), Norway registered a 5% increase compared to July last year. NPD explained, “High production from several fields ensured that oil production in July was the highest since May 2012.”

Due to this boost, it is expected that Norway will achieve its 2013 oil production goal. NPD said, “So far this year oil production is about 0.5% below the NPD’s prognosis.” This increase in oil production is due to new offshore developments in Norway, such as the Johan Sverdrup oil discovery. This was the biggest find in Norway and it contributes 3.3 million barrels of recoverable oil to Norwegian oil production. Continue reading

New Oil Peak for Norway in 2022

tujobs.comAccording to Jaran Rystad, CEO of Rystad Energy, Norway will reach a new peak around 2022. Norway was the number one exploration country in 2011, and it promises to reach a production of 4 million barrels oe. per day in 2022, achieving a new peak and record in the oil and gas production history.

Jaran Rystad, CEO of Rystad Energy, also stated that “… fifty percent of the production by then will come from new fields, requiring significant investments in new infrastructure. Existing fields will still need the same levels in total spend as today for drilling, modifications and maintenance.” Continue reading