Norways April crude oil output lags forecasts by 10.6%

div classBodysc17zpet90 cdBBJodivpOSLO Reuters – Norways crude oil output in April missed official forecast by 10.6, while its gas output was in line with expectations, preliminary data from the Norwegian Petroleum Directorate NPD showed on Friday.p

pCrude oil output fell to 1.66 million barrels per day bpd in April from 1.74 million bpd in March, lagging a forecast of 1.86 million bpd, the NPD said.pdivdivdiv classBodysc17zpet90 cdBBJodiv

pNatural gas production in April averaged 327.1 million cubic metres mcm per day, as expected, down from 338.4 mcmday in March, while the full month output was down to 9.8 billion cubic metres bcm from 10.5 bcm in March, NPD said.p

pThe sale of natural gas is now Norways most profitable export, exceeding traditionally dominant crude oil revenue, as Europe scrambles to fill depleted gas storage amid fears the war in Ukraine will lead to a loss of Russian supplies.p

pSome companies, such as Equinor and Aker BP, have said that they reduced gas reinjections at some fields in order to export more gas to Europe. p

pOil companies use gas reinjections to boost pressure in underground reservoirs to support oil extraction. p

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pp Reporting by Nora Buli and Nerijus Adomaitis, editing by Terje Solsvikp

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