BAKU, Azerbaijan, November 15. Europe's oil production in 2023 is expected to stand at 1.97 mb/d, Trend reports.
As per data from the International Energy Agency (IEA), the region's crude output is expected to grow by 0.07 mb/d year-on-year.
Regarding the main European producers, UK production is projected to further rise by 60,000 b/d, concluding 2023 at 750,000 b/d - 40,000 b/d lower than the exit rate of the previous year. In October, UK production increased by 80,000 b/d, reaching 680,000 b/d.
Meanwhile, the UK North Sea Transition Authority (NSTA) granted 27 licenses for oil and gas to enhance energy security. The NSTA estimates an average of five years from licensing to the commencement of initial production. In early November, BP's Seagull project, which had faced delays, commenced operations. The project aims for 50 million barrels of oil equivalent, with an anticipated 35,000 b/d of liquids production contributing to the Forties grade. Thus, the UK oil supply is anticipated to decrease by 100,000 b/d in the current year, and by a further 30,000 b/d in 2024.
Another major producer, Norway, is projected to boost its oil output by 70,000 b/d to 2 mb/d this year, and grow further by 30,000 b/d in 2024.
According to data from the Norwegian Petroleum Directorate, production decreased by 200,000 b/d to 1.8 mb/d in September due to maintenance-related shutdowns in the Ekofisk, Troll-Oseberg, and Statfjord systems. However, in October, supply rebounded by 50,000 b/d as production resumed from these fields, although it was partially offset by reduced output from Johan Sverdrup. Alongside the recently initiated Breidablikk field, bp achieved early first oil on a second Alvheim (33 API) tie-in project ahead of schedule in the current year. The Kobra East and Gekko (KEG) project are expected to contribute to sustaining production capacity at the FPSO over the next decade. Equinor also unveiled plans for a third phase at Johan Sverdrup, extending the production plateau beyond the currently projected 2025.