Europe & Russia: Production
Production at the Groningen field in the Netherlands rose on an annual basis over first five months of the gas year, but this will force significant year-on-year drops in output over the coming months.
Output from Groningen was 2.4 bcm in February, a rise of 4% year on year. Production rose by 6% on an annual basis during the first five months of the gas year. Total output between October and February was just over 11 bcm, equivalent to nearly half of the 24 bcm cap set for the field for the gas year. To avoid breaching the cap, output from Groningen between March and September will need to fall by around 22% year on year. This will mean supplies from the Netherlands will be down on an annual basis during the reinjection season, as output from small fields will not be enough to make up for the declines. Although the 24 bcm cap is set for the next four gas years, further cuts to it cannot be ruled out.