Norway’s Oil and Gas Output Beat July Forecast

Source: NPD

Norway's combined oil and gas production exceeded an official forecast by 3.9% in July, the Norwegian Offshore Directorate (NOD) said on Wednesday.

Norway is Europe's largest supplier of natural gas and a major producer of oil, but output varies from month to month depending on maintenance needs and other stoppages at more than 90 offshore fields.

Overall oil, condensate, natural gas liquids and gas output stood at 0.672 million standard cubic metres per day, equivalent to 4.23 million barrels of oil equivalent, a decrease of 2.9% year-on-year.

Natural gas production in July fell to 328.3 million cubic metres (mcm) per day from 360.7 mcm a year earlier, but exceeded a forecast of 321.2 mcm by 2.2%, the regulator said on its website.

Crude oil output rose to 1.96 million barrels per day (bpd) in July from 1.83 million bpd in the same month last year, and came in above a forecast of 1.81 million bpd, NOD's preliminary data showed.

(Reuters - Reporting by Terje Solsvik, editing by Nora Buli)