LONDON, Nov 12 (Reuters) - European shares were flat in early trade on Thursday, with gains in telcos offsetting falls in oil stocks as investors awaited euro zone industrial production numbers and U.S. weekly jobless figures.

By 0821 GMT, the FTSEurofirst 300 index of top European shares was up 0.05 percent at 1,014.38 points after touching a three-week high in the previous session.

Telecom groups featured among the biggest movers. TeliaSonera (TLSN.ST: Quote, Profile, Research) gained 4.4 percent after it said it had agreed with Russia's Alfa Group to combine holdings in mobile operators MegaFon in Russia and Turkcell (TCELL.IS: Quote, Profile, Research) in Turkey.

BT Group (BT.L: Quote, Profile, Research) advanced 3.6 percent after the British telecom operator raised its revenue and dividend forecast for the year.

Oil stocks took the most points off the index. BG Group (BG.L: Quote, Profile, Research), BP (BP.L: Quote, Profile, Research) and Total (TOTF.PA: Quote, Profile, Research) were down 0.2 to 0.5 percent.

"I suspect investors will be looking at the industrial production figures today which will probably show a fairly split picture between core Europe and the rest. I think that is going to weigh on what is happening," said Justin Urquhart Stewart, director at Seven Investment Management.

"U.S. jobless figures are going to be crucial to the level of confidence coming through. I suspect it is still going to show a little weakness but not quite as bad as expected."

At 1000 GMT, investors will watch euro zone industrial production for September, which is expected to rise 0.4 percent on the month but fall 14.1 percent versus a year ago.

Later in the session, investors will eye U.S. weekly jobless claims, looking for insight on health of the world's biggest economy.

(Reporting by Joanne Frearson)