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Investing.com -- Norwegian oil and gas production decreased in June compared to the same month last year, but exceeded the Norwegian Offshore Directorate’s (NOD) forecast, according to preliminary data released by the NOD.
Total (EPA:TTEF) hydrocarbon production averaged 3.852 million barrels of oil equivalent per day (Mboe/d), representing a 10.9% year-over-year decline. Despite the drop, this figure was 2.3% above the NOD’s forecast.
Liquids production reached 1.853 million barrels per day (Mb/d), down 5.9% from the previous year but 1.3% higher than forecasted. Gas production totaled 8.8 billion cubic meters, showing a 15.5% year-over-year decrease while exceeding the forecast by 3.1%.
For the second quarter of 2025, total hydrocarbon production fell 5.5% compared to the same period last year, with liquids dropping 2.7% and gas declining 8.1%.
The production data may have slightly negative implications for Equinor, as market expectations remain relatively high. According to UBS, company-compiled consensus anticipates Equinor’s Norwegian production to decrease by only 0.3% year-over-year in the second quarter of 2025.
UBS estimates that Equinor likely outperformed the broader Norwegian Continental Shelf, helped by the ramp-up of the Johan Castberg field during the quarter. Equinor’s net production represents approximately one-third of both Norwegian oil and gas production, while on a gross basis, the fields it produces from constitute nearly 80% of total Norwegian production.
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