Norway's O&G Production Beats Expectations

The Norwegian Offshore Directorate said that Norway's oil and gas production in October exceeded the official forecast by 5 percent.

Norway is Europe's biggest supplier of natural gases and oil. However, output can vary from month to months depending on maintenance and other stops at over 90 offshore fields.

The total oil, gas liquids, natural condensate and gas production stood at 0.657 standard cubic metres (SCM) per day. This is equivalent to 4,13 million barrels oil equivalent.

The regulator reported on its website that natural gas production rose in October to 341.2 million cube metres (mcm), up from 328.8mcm per day a year ago. This was 4% higher than the forecasted 328mcm.

NOD's preliminaries showed that crude oil production rose to 1.774 millions barrels per day in October, from 1.772 in the same period last year. This was an 8.2% increase over forecasts of 1.639, according to NOD. (Reporting and editing by Terje Solsvik; Louise Heavens, Nora Buli)

(Source: Reuters)