Oil and gas output from Norway, the top producer in Western Europe, will be higher than previously expected in 2017 and 2018 following above-forecast output last year, the Norwegian Petroleum Directorate (NPD) predicted on Jan. 12.
At the same time, the regulator cut its forecast for the industry's investments in 2017 and said investments would continue to decline in 2018 before a predicted rebound in 2019.
Oil production for 2017 is now expected to hit 93.9 million cubic meters (MMcm), corresponding to 1.62 million barrels per day and in line with 2016, against a year-ago forecast that output would fall to 87.3 MMcm in 2017.
Gas production for 2017 is seen at 114.5 Bcm, down from 116.8 Bcm in 2016, but much higher than the forecast one year ago of 107.9 Bcm.
NPD said forecasts were revised upward because the fields produced more than previously presumed due to efficiency measures, particularly within drilling of wells and regularity on the facilities.
The directorate also said that it expects several projects to start production earlier than previously anticipated, it added.
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