Norwegian oil giant Statoil ASA (STL.OS) will spend $32 billion on exploration and production over the next two years as it aims to ramp up production to above 2.5 million barrels of oil equivalents a day over the next 10 years.
Norwegian oil giant Statoil ASA (STL.OS) will spend $32 billion on
exploration and production over the next two years as it aims to ramp up
production to above 2.5 million barrels of oil equivalents a day over the next
10 years.
In addition to continued focus on production from operations on the Norwegian
Continental Shelf, Statoil said the increased output will come through
strengthened positions in the
Gulf of Mexico
,
Brazil
,
Angola
, the
Caspian region and
Arctic
Sea
,
while also stepping up production of shale gas and liquids.
"The Norwegian Continental Shelf remains a very attractive and globally
competitive province for future oil and gas activities," Statoil Chief
Executive Helge Lund said in a statement accompanying the company's capital
markets day in
New York
.
Like many oil companies, Statoil has benefitted from the rising price of crude
oil which has enabled maturing fields to remain profitable despite dwindling
reserves. Statoil has also been able to leverage its experience and expertise
of working in some of the world's most inhospitable places, tapping
hard-to-reach fields in very deep water and extreme temperatures of the
Arctic
and
Barents
Sea
.
Production from Statoil's core Norwegian Continental Shelf operations is
expected to be more than 1.4 million BOE a day in 2020, while its international
portfolio is expected to produce more than 1.1 million BOE a day, Statoil said.
Investment for 2011 will be $16 billion and it expects the investments in 2012
to be at the same level.
"Towards 2020 our ambition is to establish material positions in three to
five offshore business clusters outside the NCS and step up our shale gas and
liquids production,"
Lund
said.
An Oslo-based analyst said the 2020 output target was slightly above
expectations. "But there are a number of risks...We have to find out on
what assumptions they base this on," the analyst said.
As well as conventional oil and gas operations, Statoil is developing the Eagle
Ford shale field in southwestern
Texas
through a joint venture with
Canada
's
Talisman Energy Inc. (TLM) and the Marcellus shale region together with
Chesapeake Energy Corp. (CHK), which includes northern
West
Virginia
across
Pennsylvania
and
parts of
New York
.
Statoil said the positive outlook for natural gas will mean an increased focus
on Marcellus and Eagle Ford, which together are expected to deliver more than
bewteen 3 billion and 3.5 billion barrels of oil equivalent.
At 1152 GMT shares traded 0.2% higher at NOK131.60, while its European peers
traded lower.
Διαβάστε ακόμα
Τρι, 24 Σεπτεμβρίου 2024 - 19:58
Τρι, 24 Σεπτεμβρίου 2024 - 19:54
Τετ, 18 Σεπτεμβρίου 2024 - 18:32
Τετ, 18 Σεπτεμβρίου 2024 - 18:27
Τρι, 17 Σεπτεμβρίου 2024 - 20:01