Seeking Alpha

Statoil says it aims to maintain production with record activity

  • Statoil (STO +0.6%) says its activity level is at its highest ever, with 100-plus projects in planning or execution, and says it aims to maintain its current oil and gas production in coming years.
  • STO is heading 61 projects in the execution phase, with capex totaling 205B kroner ($33.2B), a bill that will be shared with its project partners; the portfolio also includes eight mega projects, defined as exceeding a cost of 12B kroner or being highly complicated.
  • STO's 2013 oil and gas output totaled 1.94M bbl/day, up 5.5% from 2007, but targets flat output in Norway in the coming years as mature giant fields are fading, so it plans to make up the difference by increasing its international output.
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