RNB2006 – Continued high production
12/05/2006 The revised national budget (RNB) contains an expectation of continued high production of oil and gas. The Norwegian Petroleum Directorate's forecasts have been used in these estimates.
The Norwegian Petroleum Directorate's forecast (the NPD forecast) of future production has been used as a basis for the revised national budget 2006. For 2006, the NPD estimates that oil production will be somewhat lower than in 2005, 141 million Sm3 (2.4 million barrels per day). Uncertainty in 2006 is estimated at +/- seven percent. The uncertainty is particularly linked to the ability of the reservoirs to deliver, start-up timing for new projects and the regularity of fields in operation. Actual production so far this year shows that we are running 0.4 percent ahead of the forecast.
A slight increase in production is expected in the period 2006-2010, with total production estimated at 735 million Sm3 of oil. More than 97 percent of this is expected to come from fields already in operation or approved for development. This includes increased recovery measures for these same fields.
Nearly 400,000 bbls oil equivalents per day of NGL and condensate are also produced, in addition to the oil.
Gas sales in 2006 are estimated at approximately 87 billion standard cubic meters. This is 2.5 percent higher than the sales volume for 2005. Gas sales are expected to increase in the years to come. The revised national budget for 2006 assumes an increase up to 120 billion Sm3 in 2010.
Contact in the NPD:
Eldbjørg Vaage Melberg, tel. +47 51 87 61 00