Norway expects a rise in oil and gasoline manufacturing close to report excessive ranges | Jobi Cool

OSLO, Jan 9 (Reuters) – Norway’s oil output is anticipated to rise 6.9% this 12 months as the massive Johan Sverdrup discipline boosts manufacturing, whereas gasoline volumes are anticipated to stay unchanged close to report highs, the Norwegian Oil Directorate (NPD) stated. . Monday.

Manufacturing of crude oil and different petroleum liquids reminiscent of condensate is more likely to rise to 2.02 million barrels per day (bpd) in 2023 from 1.89 million final 12 months, NPD forecasts present.

Norway final 12 months overtook Russia as Europe’s greatest gasoline provider, with Equinor ( EQNR.OL ) the largest exporter, after Russia’s Gazprom ( GAZP.MM ) reduce off a lot of the gasoline Europe beforehand relied on.

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Investments by oil and gasoline producers, together with for exploration, are anticipated to rise to NOK 189 billion ($19.1 billion) this 12 months and peak at NOK 202 billion in 2025, up from NOK 172 billion in 2022, NPD stated in an announcement .

“This may assist to make sure that Norway can proceed to be a dependable provider of power to Europe,” says NPD Director Normal Torgeir Stordal.

Mixed oil and gasoline output is anticipated to rise to 4.12 million barrels of oil equal per day (boed) in 2023, up from a preliminary 3.99 million boed final 12 months, NPD forecasts present.

Whole Norwegian manufacturing is anticipated to proceed rising within the coming years, reaching a two-decade excessive of 4.3 million boed in 2025, simply shy of a report 4.54 million barrels produced in 2004, NPD predicted.

The nation’s gasoline manufacturing is anticipated to stay largely unchanged in 2023 at 122 billion cubic meters (bcm), or 2.1 million barrels of oil equal per day, NPD stated, according to a latest authorities projection.

($1 = 9.9232 Norwegian kroner)

Reporting by Nerijus Adomaitis Modifying by Terje Solsvik and David Goodman

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