Norwegian Petroleum Directorate (NPD) has announced that Norway failed to reach the original production figures for June by 4.1%, according to a press release.
Production figures for June were preliminary predicted at an average daily production of 1.8 million barrels (mmbbl) of oil, NGL, and condensate. This can be broken down into an average daily liquids production of 1.5 mmbbl of oil, 298,000 barrels of NGL, and 17,000 barrels of condensate. June is the first time in two months that Norway has not exceeded the limit.
It is worth noting that on April 29, the Norwegian government decided to implement a cut in Norwegian oil production by 250,000 barrels per day (bbl/d); this is included in the production figures for oil in June.
As a result of under-producing, the NPD has updated forecasts for the government’s proposed Revised National Budget for 2020.