Norway's Gas Production Advances 13% in October, Oil Output Declines 8%

Norway, the second-biggest exporter of natural gas, said output rose 13 percent in October from a year earlier, while crude oil production slipped 7 percent.

Oil production dropped to 1.868 million barrels a day from 2.009 million and gas output rose to 9.3 billion cubic meters from 8.2 billion, according to preliminary figures today from the Norwegian Petroleum Directorate. Norway pumped 365,000 barrels a day of condensate and natural-gas liquids.

In the year through September, the average daily production has been about 1.8 million barrels of oil, “marginally less” than the Petroleum Directorate’s forecast, which also includes Yme that hasn’t started production yet, the agency said in the statement.

Norway, the world’s seventh-biggest oil exporter, discovered oil 40 years ago and many existing fields are being depleted. Oil output peaked in 2000 and is forecast to drop 6 percent this year to about 1.87 million barrels a day, according to a directorate estimate. Statoil ASA, which operates 80 percent of the country’s oil and gas production, last week cut its output guidance for this year to 1.9 million barrels of oil equivalent a day from 1.925 million to 1.975 million a day.

Oil and natural gas investments are forecast to climb to a record 148.8 billion kroner ($25 billion) next year, from an estimated 139.4 billion kroner in 2010, as companies raise spending on platforms to keep aging fields alive, Norway’s Statistics Agency said in a September report.

Following is a table of final data for Norway’s oil and gas production in September. All figures are in standard cubic meters of oil equivalent, where 1 standard cubic meter of oil equivalent equals 1,000 standard cubic meters of gas. One cubic meter of oil equals 6.29 barrels.

-Daily crude oil output in cubic meters:        1.585 million
-Daily NGL and condensate in cubic meters:      0.239 million
-Monthly natural-gas output in cubic meters:    5.7 billion

To contact the reporter on this story: Marianne Stigset in Oslo at mstigset@bloomberg.net

To contact the editor responsible for this story: Will Kennedy at wkennedy3@bloomberg.net

Bloomberg reserves the right to edit or remove comments but is under no obligation to do so, or to explain individual moderation decisions.

Please enable JavaScript to view the comments powered by Disqus.