North Sea Oil Production May Go Down

May 17, 2019

Graph: Rystad Energy
Graph: Rystad Energy

On top of production declines in Iran and Venezuela, ongoing OPEC cuts, Urals contamination outages in Russia and maintenance in Kazakhstan, North Sea production is also struggling, Rystad Energy said.

"Currently we see unplanned outages at Oseberg and Flotta with combined impact of 160,000 bpd. Furthermore, the North Sea is heading into maintenance season," said the energy research and business intelligence company.

"We forecast North Sea oil production to drop next month to the lowest level since August 2014 as Ekofisk goes into maintenance," it added.

"Based on our field level production and maintenance forecast, we expect North Sea oil production to drop to 2.28 million bpd with 462,000 bpd lost due to outages," the report said.

Turnaround activity at Ekofisk feeding fields is the primary driver accounting for 230,000 bpd of the total outage for June 2019. The oil market is in for a tight start to the summer indeed.



Current News

Oil Companies Push Carbon-capture Efforts

Oil Companies Push Carbon-capture Efforts

Petronas Q2 Profit Rises 8%

Petronas Q2 Profit Rises 8%

Timor Resource to Drill 5 Wells in Timor-Leste

Saudi Aramco Pursues IPO Planning Despite Attack

Saudi Aramco Pursues IPO Planning Despite Attack

Middle East Risks Keep Oil Prices High

Middle East Risks Keep Oil Prices High

Transborders Joins Forces with Osaka Gas

Transborders Joins Forces with Osaka Gas

BP Awards Caspian ACG Contracts

BP Awards Caspian ACG Contracts

Subscribe for AOG Digital E‑News

AOG Digital E-News is the subsea industry's largest circulation and most authoritative ENews Service, delivered to your Email three times per week