Random Update On Norwegian Crude Oil Production -- June 25, 2015

Rigzone staff is reporting: Norwegian Production Figures Hit Lowest Point since September 2014.

The Norwegian Petroleum Directorate’s (NPD) preliminary production figures for May 2015 have revealed that average daily production (ADP) of oil, NGL and condensate hit its lowest point last month since September 2014.

ADP of oil, NGL and condensate was around 1.86 million barrels for May, which was 85,000 barrels per day, or 0.4 percent, less than in April 2015.

The last time daily production figures were lower than in May this year was September 2014, when preliminary production figures indicated an average daily oil, NGL and condensate production of around 1.83 million barrels.

Compared to May 2014, the latest figures from the NPD seemed positive. Last year’s preliminary May figures revealed an average daily production of around 1.66 million barrels of oil, NGL and condensate, which was 282,000 barrels per day, or 14 percent, less than April 2014’s figures.

The headline is worse than its bite, I suppose: "lowest point since September, 2014." But month-over-month, only a 0.4% decline; hardly remarkable. And year-over-year, production actually increased. (Note: I often make mistakes in simple arithmetic.)

Too many numbers; too confusing. Here is the data easily "spelled" out:

• April, 2014: 1.94 million boepd
• May, 2014: 1.66 million boepd
• April, 2015: 1.94 million boepd
• May, 2015: 1.86 million boepd

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Wabash Waltz, Slim Whitman and Byron Whitman