Out-of-control wildfires that have consumed over a million acres of land in Canada's Alberta are costing oil companies as much as $50 million a day in lost production.
Alberta's oil producers curtailed production by May 5 as fires prompted the evacuation of Fort McMurray, a central production hub. By May 9, more than 1 million barrels of daily oil output had been halted.Meanwhile, Norwegian production increases a bit more than expected. Rigzone is reporting. Data points:
- April, 2016, production: 2.029 million bopd (oil, NGL, and condensate)
- 1.625 million bopd; 374,000 bopd NGL; 30,000 bopd condensate
- month-over-month: about a 20,000 bopd increase
- oil production was 4% above levels one year ago; 3% higher than predicted