Statoil cuts 2006 oil production by 3%
Posted: 02 October 2006
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Norwegian oil and gas company Statoil ASA (STO) Friday said it is modifying its target for oil and gas production in 2007 by about 3%.
The company said output in 2006 is expected to be about 3% lower than the earlier prognosis, but that the company forecasts a growth in production of 14% from 2006 to 2007.
Statoil said the revised forecasts do not represent any change in its oil and gas reserves but entails postponed production.
The company said output in 2006 is expected to be 1.14 million barrels of oil equivalent per day, or boe/d, based on an oil price of $60 per barrel.
Statoil said the production target for 2007 is being reduced to 1.3 million boe/d, split between about 1,06 million boe/d from the Norwegian continental shelf and about 240,000 boe/d internationally. The target is based on an oil price of $60 per barrel for the period 2005 to 2007, and is a reduction of about 3%.
As a direct consequence of reduced production, production costs per boe will increase for both 2006 and 2007, it added. |
