BAKU, Azerbaijan, May 4. Natural gas sales volumes of Norway’s Equinor amounted to 16.5 billion standard cubic meters (bcm) in the first quarter of 2022, up 0.9 bcm compared to the first quarter of 2021, Trend reports with reference to the company.
Of the total gas sales in the first quarter of 2022, entitlement gas was 14.1 bcm, up 0.5 bcm from the first quarter of 2021.
The increase was mainly due to higher E&P Norway volumes. Liquids sales volumes amounted to 185.5 million barrels (mmbl) in the first quarter of 2022, down 11.8 mmbl compared to the first quarter of 2021 mainly due to decreased purchase from third party, partially offset by increased volumes from E&P Norway equity production.
Average invoiced European natural gas sales price was 345 percent higher compared to the first quarter of 2021 due to low gas stocks in Europe, high demand and tight supply. Average invoiced North American piped gas sales price increased by 70 percent in the same period mainly due to increased market price driven by colder weather that impacted both supply and demand.
Average daily equity production of liquids and gas was 341 mboe per day in the first quarter of 2022 compared to 360 mboe per day in the first quarter of 2021. The decrease was primarily due to natural decline in mature fields. Equity production from Russia in the first quarter of 2022 increased slightly compared to the first quarter of 2021 but reduced following Equinor’s decision to start the process of exiting Russia.
Average daily entitlement production of liquids and gas was 239 mboe per day in the first quarter of 2022 compared to 267 mboe per day in the first quarter of 2021. The decrease was mainly due to lower equity production and higher effects from production sharing agreements (PSA) as a result of higher prices. The net effects from PSA were 102 mboe per day in the first quarter of 2022 compared to 93 mboe per day in the first quarter of 2021
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