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London — Norway expects its oil production to rise by 19% through to 2024 on the back of new developments such as Johan Sverdrup, while it is eyeing emissions reductions in the order of 40% by the industry, regulator the Norwegian Petroleum Directorate said Jan. 14.
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In an annual update, the NPD confirmed a relatively bullish near-term outlook for Western Europe’s largest oil and gas producer, which accounts for around two-thirds of oil output in the North Sea region, or roughly double the level of the UK.
It estimated Norway’s 2020 oil production at 2.0 million b/d, up 15% from 2019, with the crude oil portion of this amounting to 1.69 million b/d and the remainder being natural gas liquids and condensate.
It expects total liquids output to reach 2.38 million b/d in 2024, with crude output averaging 2.07 million
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