Norway's oil companies are reporting record first-quarter profits based on high prices, but a new study suggests production took a dive in April, said reports reaching Stockholm from Oslo on Tuesday.

The Norwegian Petroleum Directorate reported that production fell to its lowest level in nearly 12 years last month, because of maintenance work on North Sea fields.

The directorate's study showed oil production in April falling to 2.22 million barrels of oil per day, down from 2.44 million in March.

In August 1994, the figure was around 2 million barrels a day.

The chief executive at Norwegian state oil company Statoil suggested Monday that production likely will rebound, noting that record Statoil profits were the result not only of high prices but also of a boost in production from new oil fields that have come on stream.

Norway remains the world's third-largest oil exporter after Saudi Arabia and Russia.

Source: Xinhua