Norway’s oil and gas sector is seeing record profits on the back of soaring energy prices around the world.

The government’s Statistics Norway bureau said revenues from the country’s natural gas exports reached Nkr128 billion ($13 billion) in July, up 332.7% since the same month last year.

Jon Olav Roerhus, senior adviser for external trade at Statistics Norway, said that the reduction in Russian gas deliveries to Europe through the Nord Stream 1 pipeline from Russia to Europe contributed to soaring gas prices last month.