Statoil ASA is modifying its forecast for oil and gas production in 2007 to 1,150,000-1,200,000 barrels of oil equivalents per day (boe/d) based on an oil price of USD 60 per barrel, down from 1,300,000 boe/d, the company said on Thursday.
The shortfall is largely caused by delayed ramp up of new fields and delays in projects and activities. As a direct consequence of reduced production, production costs per boe will increase to above NOK 30 per barrel/bbl for 2007.
The original target was based on successful deliveries from a number of technically demanding fields, first and foremost the two pioneering high temperature/high pressure (HT/HP) fields Kristin and Kvitebjorn, Statoil said.