Statoil ASA (STL.OS), the Norwegian oil giant, said Monday that it aims to raise production to above 2.5 million barrels of oil equivalents a day 2020, corresponding to growth of around 3% a year from 2010.
Statoil ASA (STL.OS), the Norwegian oil giant, said Monday that it aims to
raise production to above 2.5 million barrels of oil equivalents a day 2020,
corresponding to growth of around 3% a year from 2010.
In 2020 production from the Norwegian Continental Shelf is expected to be more
than 1.4 million BOE a day, while the international portfolio is expected to
produce more than 1.1 million BOE a day, the company said in a statement
released to coincide with its capital markets day held in
New
York
.
"The Norwegian Continental Shelf remains a very attractive and globally
competitive province for future oil and gas activities," said Statoil
Chief Executive Helge Lund.
Statoil said it intends to increase investments for 2011 to $16 billion, and
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.
The offshore business clusters include
Gulf
of Mexico
,
Brazil
,
Angola
, the
Caspian region and
Arctic
outside the NCS, Statoil
said.
The company also announced discoveries at its Peregrino South well, immediately
adjacent to the newly opened Peregrino field offshore
Brazil
. The
estimates of recoverable volumes in Peregrino South are between 150 million and
300 million BOE, Statoil said.
Statoil also confirmed an increase in expected volumes from the Skrugard oil
discovery in the
Barents Sea
in
Norway
. The
Skrugard volumes are now estimated at approximately 250 million BOE recoverable
resources, Statoil added.
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