North Sea oil production is struggling

May 17, 2019

On top of production declines in Iran and Venezuela, ongoing OPEC cuts, Urals contamination outages in Russia and maintenance in Kazakhstan, North Sea production is also struggling.

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Currently we see unplanned outages at Oseberg and Flotta with combined impact of 160,000 bpd. Furthermore, the North Sea is heading into maintenance season. We forecast North Sea oil production to drop next month to the lowest level since August 2014 as Ekofisk goes into maintenance. Based on our field level production and maintenance forecast, we expect North Sea oil production to drop to 2.28 million bpd with 462,000 bpd lost due to outages. Turnaround activity at Ekofisk feeding fields is the primary driver accounting for 230,000 bpd of the total outage for June 2019. The oil market is in for a tight start to the summer indeed.

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Contacts

Milan Rudel
Analyst Oil Market Research
Phone: +47 24 00 42 00
Milan.Rudel@rystadenergy.com

Carsten Torbergsen
Marketing Manager
Phone: +47 24 00 42 00
carsten.torbergsen@rystadenergy.com


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