Norway's gas production lags behind the forecast for May

Norwegian Offshore Directorate (NOD), on Tuesday, reported that Norway's combined oil and gas production in May exceeded an official forecast by?2.9%.

Norway is Europe's biggest supplier of natural gases and oil. The output varies month-to-month depending on maintenance needs and other stops at more than 100 offshore fields.

The total oil, gas, condensate and natural gas liquids output was?at 0.607 million standard cubic metres per day. This is equivalent to 3.82 millions barrels of oil. It represents a decline of 0.8% on an annual basis. The regulator reported that natural gas production fell in May to 303 million cubic meters (mcm), down from 298.9mcm the year before. This was 0.3% below a forecasted mcm of 303.9mcm. NOD's preliminaries showed that crude oil production fell to 1.722 mbpd (barrels per day) in May, down from 1.790 mbpd the previous year. This was 7.2% higher than a forecast of 1.607 bpd. Reporting by Louise Rasmussen, Jagoda Dárlak and Anna Ringstrom.

(source: Reuters)