Norway’s Production Decreased in August

Norway’s gas production remains below expectations for the fourth consecutive month, with data released by the Norwegian Petroleum Directorate suggesting that production in August is on June levels, reversing the upward trend registered in July. 

‘Total gas sales were 7.3 billion standard cubic meters (Sm3), which is 0.7 Sm3 less than the previous month,’ reads the note released on Tuesday. 

Over the last weeks, Norway reported a year-on-year 6% decrease in APA applications, while forecasts indicated that investments in the country’s oil and gas industry would fall 18.5% in 2015 with respect to 2014. 

On Wednesday, Statoil announced it temporarily suspends the COSL Pioneer rig in the fourth quarter of 2014. 

“After a careful review of our drilling plan, we find it necessary to suspend COSL Pioneer for the time being,” rig procurement responsible Tore Aarreberg commented in a note.