Norway’s October Oil and Gas Production Exceeds Forecasts by 5%

Norway’s oil and gas production in October surpassed official forecasts by 5%, according to the Norwegian Offshore Directorate. As Europe’s largest supplier of natural gas and oil, Norway’s output can fluctuate monthly due to maintenance and other interruptions at over 90 offshore fields. In October, total production of oil, gas liquids, natural condensate, and gas reached 0.657 standard cubic meters per day, equivalent to 4.13 million barrels of oil equivalent.

The regulator reported an increase in natural gas production to 341.2 million cubic meters per day in October, up from 328.8 million cubic meters per day the previous year. This exceeded the forecasted 328 million cubic meters per day by 4%. Additionally, crude oil production rose to 1.774 million barrels per day in October, compared to 1.772 million barrels per day in the same period last year, marking an 8.2% increase over the forecasted 1.639 million barrels per day.

Overall, Norway’s oil and gas production in October outperformed expectations, with natural gas and crude oil production both exceeding forecasted levels. The country’s status as a major supplier of natural gas and oil in Europe remains strong, despite fluctuations in output due to maintenance and other factors at offshore fields. The Norwegian Offshore Directorate’s preliminary data indicates a positive trend in production for the month of October.

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