BAKU, Azerbaijan, April 18. In May, oil loadings from the North Sea, including BFOE, Troll, and Johan Sverdrup, are set at 1.4 mb/d, slightly lower compared to last month but about the same as last year, the International Energy Agency (IEA) says, Trend reports.
According to the agency, most of the decrease comes from Johan Sverdrup and Ekofisk, while Oseberg loadings went up.
In March, North Sea production rose by 20,000 b/d compared to February. UK production dipped by 20,000 b/d to 680,000 b/d, and Danish output stayed the same at 80,000 b/d.
As such, the UK's oil production is expected to drop by 60,000 b/d on average in 2024, marking the fifth year in a row of declines. However, there's a slight uptick of 10,000 b/d projected for next year, thanks to projects like Seagull and Penguins, along with interventions to slow the decline.
Meanwhile, in March, Norway's oil production went up by 40,000 b/d to reach 2.1 mb/d. This increase was spread out across various fields. According to the Norwegian Offshore Directorate, they expect production to stay pretty stable this year, except for slight drops in May and during maintenance periods in the autumn, where it could decrease by 100,000 b/d and 200,000 b/d respectively.
Next year, production is predicted to rise by 20,000 b/d to hit 2 mb/d, and by another 100,000 b/d the following year. This is mainly due to the Johan Castberg and Balder X projects coming online in late 2024.