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Statoil CEO says not bound by production target

  • Statoil (STO -1.2%) isn't wedded to its 2020 production target of 2.5M bbl/day, CEO Helge Lund tells WSJ following its Q3 earnings report, as a recent string of asset sales would reduce output next year but also unlock more cash for investment.
  • Lund says ~$17B from seven divestments since 2010 and reduced ownership stake at the Ormen Lange gas field would reduce output by 110K-120K boe next year, but that the transactions also unlocked cash for investment in high-return projects.
  • Also, Lund compares the Flemish Pass basin to the major Johan Sverdrup discovery offshore Norway, which is expected to hold up to 3.3B barrels, but says it's far too early to give a full resource estimate for the basin.
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