OSLO, Norway, Dec. 17 (UPI) -- Production figures from Norway show average daily oil production down about 5 percent year-on-year, a national regulator said in Wednesday report.
The Norwegian Petroleum Directorate released production figures for November, showing an average daily production of 1.46 million barrels of oil.
"The oil production is 5 percent below the NPD's prognosis for November and 5 percent below the oil production in November last year," the agency said in its report.
Major oil companies from BP to Marathon have trimmed back their expectations as oil prices continue to lose value. The price of oil, nearly 50 percent below June values, is at a point where some drillers may no longer be able to make a profit.
Noreco, a Norwegian energy company focused on North Sea oil operations, said Monday its financial situation was deteriorating because of low oil prices.
Norway is among the European leaders in terms of oil production. Most operators working in the Norwegian petroleum sector need oil priced at around $40 to make a profit.
NPD attributed the decline in production to technical problems at seven of its offshore fields.
"So far this year the oil production is about 1 percent above the NPD's prognosis and about 2 percent higher than for the same period in 2013," it said.
