Norway's Oil Output Soars to Highest in Decade Amid New Field Production

Norway's oil production rose 17% in July to 1.96 million barrels per day, the highest in over a decade. The increase was driven by the ramp-up of Equinor's Johan Castberg field in the Barents Sea. Oil and gas producers are investing billions to squeeze output from the country's mature continental shelf, with Johan Sverdrup and Johan Castberg fields combined pumping around 1 million barrels per day.

Title: Norway's Oil Production Surges in July, Driven by Equinor's Johan Castberg Field

Norway's oil production rose significantly in July, reaching 1.96 million barrels per day (bpd), the highest level in over a decade. The surge was primarily driven by the ramp-up of Equinor's Johan Castberg field in the Barents Sea, which reached full capacity of 220,000 bpd in June [1]. This field, along with the Johan Sverdrup field, combined to pump around 1 million barrels per day.

Crude oil production in Norway exceeded forecasts by nearly 4% in July, with a 16.8% increase compared to June and a 7.2% increase compared to July 2024. The Norwegian Offshore Directorate reported that Norway's crude oil output of 1.958 million bpd last month exceeded the regulator's estimate of 1.809 million bpd [1].

Norway's gas production also saw an increase, albeit at a smaller margin. Gas output was 2.2% higher than forecast, jumping by 11.9% from June but falling by 9% compared to July last year. Regular maintenance on several gas fields and export facilities contributed to this decline [1].

The Norwegian government continues to support the oil and gas industry, recognizing its importance for the country's economy and the massive revenues it generates for the sovereign wealth fund. Norway's total gas sales rose in July compared to the previous month [1].

As Norway plans its 26th oil and gas licensing round in frontier areas, the country aims to boost exploration and resources to mitigate an expected decline in production from the early 2030s [1].

References:
[1] https://oilprice.com/Latest-Energy-News/World-News/Norways-Oil-and-Gas-Production-Tops-Forecasts.html