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Norway Oil, Gas Output Increases in Dec but Lags Forecast

ENERGY

Norway's oil, NGL and condensate output increased 2.4% in December from the previous month but still lagging official forecasts according to preliminary data from the Norwegian Petroleum Directorate (NPD).

  • Crude oil output was up 1.4% at 1.773mbpd in December, 9.8% below the forecast and up just 0.024mbpd from November. December oil output also lagged last year’s levels for the same month of 1.849mbpd
  • Natural gas production in December averaged 358.6mcm per day, 1.6% above the forecast and up 3.9% from 345mcm per day in November. Levels were 1.1% above Dec 2021 at 354.8mcm per day.



Source: Norwegian Petroleum Directorate

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