BAKU, Azerbaijan, January 24. Oil production in OECD Europe is expected to grow by 0.1 mb/d year-on-year to average 3.8 mb/d in 2024, Trend reports.
According to OPEC, in 2025, the region's output is forecast to add 0.1 mb/d more to an average of 3.9 mb/d.
Meanwhile, one of the main producers in the region, Norway is expected to supply 2.1 mb/d on average - an increase of 120,000 b/d year-on-year.
Several projects, ranging from small to large scale, are set to escalate this year, OPEC says. Simultaneously, the commencement of start-ups is anticipated at the Balder/Ringhorne, Eldfisk, Kristin, Alvheim FPSO, Hanz, Skarv Aasgard FPSO, and PL636 offshore projects. The primary source of output increments this year is expected to be the Johan Castberg project, with initial oil production planned for the fourth quarter of 2024.
Norway's liquid production is expected to see a boost, reaching 2.2 mb/d in 2025, with an increase of 100,000 b.d. Next year, OPEC expects a lineup of projects, ranging from small to large scale, including Johan Castberg, Kristin, Eldfisk, and Balder/Ringhorne, to boost the country's output. Additionally, start-ups are anticipated at projects such as Ormen Lange, Snohvit, Halten East, Tyrving, Eirin, Norne FPSO, Maria, and Verdande during the same period.
Another major European producer, the UK, is projected to supply some 0.8 mb/d on average, keeping a stable output level year-on-year. Expect production increases at the ETAP and Clair sites, along with the initiation of enhanced oil recovery (EOR) projects at the Anasuria and Captain fields. The Penguins FPSO is set to be towed out to the UK North Sea field in the first half of 2024.
The outlook for UK liquids production points to a steady average of 0.8 mb/d in 2025. OPEC expects production boosts at the ETAP and Clair sites, alongside the kick-off of projects at Alwyn, Laggan-Tormore, Murlach (Skua redevelopment), and Janice's assets. However, the compensating impact of decline rates from mature fields is projected to balance out these extra volumes.