BAKU, Azerbaijan, Oct.25
By Leman Zeynalova – Trend:
Average daily production of liquids and gas by Norway’s Equinor decreased by 14 percent to 1,067 million barrels of oil equivalent (mboe) per day in the third quarter of 2019, compared to 1,235 mboe per day in the third quarter of 2018, Trend reports citing Equinor.
“The decrease was mainly due to reduced flexible gas production resulting from lower prices, and expected natural decline. This was partially offset by positive contributions from new fields,” said the company.
Total equity liquids and gas production was 1,909 mboe per day in the third quarter of 2019, down 8 percent compared to 2,066 mboe per day in the third quarter of 2018 mainly due to expected natural decline and reduced flexible gas production due to lower prices. The decrease was partially offset by new fields on the NCS and in the E&P International reporting segment including new wells in the US onshore.
Total entitlement liquids and gas production was 1,745 mboe per day in the third quarter of 2019, down 8 percent compared to 1,895 mboe per day in the third quarter of 2018. In addition to the factors mentioned above, production was negatively affected by higher US royalty volumes due to increased production, partially offset by lower effects from production sharing agreements (PSA).
The net effect of PSA and US royalties was 164 mboe per day in total in the third quarter of 2019 compared to 171 mboe per day in the third quarter of 2018.
Natural gas sales volumes amounted to 12.5 billion standard cubic meters (bcm) in the third quarter of 2019, down 1.6 bcm compared to the third quarter of 2018. Of the total gas sales in the third quarter of 2019, entitlement gas was 11.2 bcm, down 1.7 bcm from the third quarter of 2018. The decrease was mainly due to a decrease in NCS entitlement volumes.
Liquids sales volumes amounted to 210.2 million barrels (mmbl) in the third quarter of 2019, up 6.1 mmbl compared to the third quarter of 2018 due to increased 3rd party purchases.
Average invoiced European natural gas sales price was 26 percent lower in the third quarter of 2019 compared to the third quarter of 2018. Average invoiced North American piped gas sales price decreased by 23 percent in the same period due to decreased Henry Hub price.
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