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Norway’s oil company estimates 5% production growth

Oil&Gas Materials 7 February 2017 14:58 (UTC +04:00)
Norway’s Statoil oil and gas company estimates a 4-5 percent production growth to 2017 from rebased 2016.
Norway’s oil company estimates 5% production growth

Baku, Azerbaijan, Feb.7

By Leman Zeynalova – Trend:

Norway’s Statoil oil and gas company estimates a 4-5 percent production growth to 2017 from rebased 2016.

This is while the organic annual production growth of around 3 percent is expected from 2016 to 2020, the company said on its website.

Statoil said it will invest around $11 billion organically in 2017 and the company’s exploration activity will be around $1.5 billion.

Statoil’s adjusted earnings were $1.664 billion in the fourth quarter of 2016, down 6 percent from $1.778 billion in the same period in 2015.

“In the current price environment, we delivered solid financial results from our Norwegian operations and from our marketing and trading activity,” said Eldar Sætre, President and CEO of Statoil.

Sætre pointed out that the company’s result was impacted by the negative result from its international operations due to expensed exploration wells, high maintenance activity and impairment charges.

“We delivered strong production and solid operational performance across all segments in the quarter,” added the CEO.

Sætre said that Statoil achieved strong results from its improvement program, $700 million above its target of 2.5 billion dollars in annual savings.

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