BAKU, Azerbaijan, July 17. The UK's crude output in 2023 is expected to be 770,000 b/d, showing a decline of 60,000 b/d year-on-year.
According to the data obtained by Trend from the International Energy Agency (IEA), in June, UK supply of crude oil remained unchanged compared to the previous month, standing at 780,000 b/d. This level was slightly higher than the April lows of 770,000 b/d.
However, it is anticipated that production will decrease slightly in July, and the impact of seasonal maintenance is expected to be more significant in August and September.
Looking ahead to the following year, production is projected to decrease slightly further to 760,000 b/d. The decline at mature fields will be partially offset by the Penguins and Seagull projects.
Meanwhile, the IEA expects that Norway's supply will grow by 100,000 b/d to reach 2 mb/d in 2023, with an additional gain of 50,000 b/d forecasted for the following year, reaching 2.1 mb/d.
According to the Norwegian Petroleum Directorate (NPD), production in May experienced a decline of 40,000 b/d, dropping to 2 mb/d. This decrease was a result of planned maintenance at various fields, offsetting the gains from Johan Sverdrup Phase 2.
However, in June, there was a modest increase of 30,000 b/d in production. Notably, in late June, the NPD approved 19 projects on the Norwegian continental shelf, which are anticipated to contribute to production starting in 2026. These new projects will extend Norway's production plateau and solidify its position as a reliable long-term supplier of oil and gas throughout the rest of the decade.
