Oil and Gas News - Statoil Cuts Oil, Gas Output Goal - Forbes

Norwegian oil company Statoil ASA said Thursday it was cutting its 2007 oil and gas production targets by as much as 11. It said projections are based on an oil price of $60 per barrel, and that as a result of delays its per-barrel production cost will exceed $30 in 2007. Statoil said its earlier predictions were based on expected production from several technically demanding fields, notably the high-pressure and high-temperature Kristin and Kvitebjoern fields off Norway. It said production from the Kvitebjoern field in the North Sea was shut down on May 1 to allow drilling of two additional production wells. The buildup of production at the Kristin field, off mid-Norway, has been slower than expected, due the need for caution in increasing flows and because bad weather delayed well completions earlier in the year. Statoil said production from its stakes in the Shah Deniz gas field in Azerbaijan and In Amenas gas field in Algeria was also lower than expected. read more

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