BAKU, Azerbaijan, September 2. UK oil supply remained steady at 780,000 barrels per day (kb/d) in June 2023, just slightly above the April low of 770 kb/d, Trend reports.
According to the data received from the International Energy Agency (IEA), there's an anticipation of a marginal production decrease in July, with more significant impacts from seasonal maintenance expected in August and September.
Looking ahead to 2023, UK's output is projected at 770 kb/d, marking a 60 kb/d decline year-on-year. In the subsequent year, production is anticipated to dip slightly to 760 kb/d, with the Penguins and Seagull projects helping to offset declines at mature fields.
Meanwhile, according to data from the Norwegian Petroleum Directorate (NPD), oil production in May dropped by 40 kb/d to 2 mb/d, as the gains from Johan Sverdrup Phase 2 were offset by planned maintenance at other fields.
June saw a modest increase of 30 kb/d. Additionally, in late June, the NPD approved 19 projects on the Norwegian continental shelf, expected to contribute volumes starting in 2026. These new projects will extend Norway's production plateau and solidify its position as a reliable long-term oil and gas supplier throughout the rest of the decade, the IEA says. Supply in 2023 is forecasted to grow by 100 kb/d to 2 mb/d, with an additional 50 kb/d increase projected for the following year, reaching 2.1 mb/d.