New production record in Oil & Energy

November 15, 2003, 10:00 CET

Hydro Oil & Energy recently set a new production record of 612,000 barrels oil equivalents per day. In the first week of November, Hydros daily production was 39,000 barrels above the already ambitious budget.

“All our installations are producing well,” says Torgeir Kydland, president of Hydro Operations and Production Norway (OPN). “I would particularly like to highlight Oseberg Field Centre, which is now in a stable period. This is the processing and transportation centre for the whole of the Oseberg field, and as such is an important element in Hydro’s oil and gas production.”

However, Hydro Oil and Energy will not adjust the forecast production level for the fourth quarter. The target remains at around 560,000 barrels of oil equivalents a day for the rest of the year.

The new record was achieved despite the fact that the Grane field is producing slightly under budget at present. The Grane field will be one of the top producing oil fields on the Norwegian continental shelf when production reaches maximum level, which is estimated to be around 214,000 barrels a day. This is compensated for by the fact that Oseberg Sør, Oseberg C and Troll Oil are producing well above budget at present.

“A major effort by a great many people in our organization are behind the recent high production level. Fram Vest has also made good progress with production higher than forecast,” concludes Torgeir Kydland, president of the sector.