Oil and gas production in Norway is likely to grow by 0.8 per cent next year versus 2003 but oil prices will fall, the Norwegian government said.

The government estimated average oil production per day in 2004 would be roughly flat on 2003 at 2.9 million barrels per day, and said gas exports would rise to 75 billion cubic metres next year from 72 billion in 2003.

The government forecast an average 2004 oil price of 170 Norwegian crowns ($24.41) per barrel, down from 200 crowns in 2003.