North Sea Oil Production Struggling

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North Sea Oil Production Struggling

North Sea oil production is struggling, according to independent energy research and intelligence business Rystad Energy.

The company’s North Sea oil output forecast - which looks at crude and lease condensate production, including onshore, for Norway, the United Kingdom, Denmark and the Netherlands – projects that 185,000 barrels per day (bpd) of outages will be seen in May.

Rystad Energy’s forecast also shows that 462,000 bpd of outages will be seen in June and reveals that further outages are set for July, August and September.

Production is set to hit 2.526 million bpd in May, 2.275 million bpd in June, 2.660 million bpd in July, 2.457 million bpd in August and 2.453 million bpd in September, according to the forecast.

“Currently we see unplanned outages at Oseberg and Flotta with combined impact of 160,000 bpd,” Rystad Energy said in a company statement posted on its website.

“Furthermore, the North Sea is heading into maintenance season. We forecast North Sea oil production to drop next month to the lowest level since August 2014 as Ekofisk goes into maintenance,” Rystad Energy added.

“Turnaround activity at Ekofisk feeding fields is the primary driver accounting for 230,000 bpd of the total outage for June 2019,” the company continued.

Back in March, Rystad Energy revealed that North Sea oil productio will drop 330,000bpd  month-on-month in June as Ekofisk closed for planned work.

Ekofisk was Norway's first producing field, according to operator ConocoPhillips Norway. The field was discovered in 1969 and production started in 1971.

Rystad Energy is headquartered in Oslo, Norway. The company also has locations in a number of other cities around the world.