Oil and natural gas production from Norwegian basins increased last month, with oil output up 2.4 percent year-on-year, the government said Wednesday.
The Norwegian Petroleum Directorate, the nation's energy regulator, said oil production in May was 1.51 million barrels per day, which is 2.4 percent above May 2014 and 1 percent above what the regulator expected.
Total sales of natural gas were 307 billion cubic feet, also an increase from the previous month.
Production figures come amid modest stabilization in the crude oil market, with prices about 25 percent higher than early 2015 lows. After the Norwegian government in January handed out 54 licenses for operations in the North, Norwegian and Barents seas, Energy Minister Tord Lien said Norwegian waters remain attractive in the global energy sector.
In April, however, ONS Foundation in Norway, organizers of an August energy conference in Norway, canceled their event because of low oil prices and too few exhibitors. More recently, data published by Statistics Norway show investment in the nation's oil and gas sector is set to level out after a banner start to the decade.
Norway's economy depends largely on oil and gas revenue. It serves as one of the key producers for the European energy sector.
NPD set a goal of adding 5 billion barrels of oil to national reserves. By 2019, operators expect to start production to start at the Johan Sverdrup field, the fifth largest discovery ever made on the Norwegian continental shelf.
Field operator Statoil said the field will account for 25 percent of the combined production from the Norwegian continental shelf once it's in full swing.
