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| Statoil revises its production target Statoil ASA is modifying its target for oil and gas production in 2007 by about 3%. Output in 2006 is expected to be about 3% lower than the earlier prognosis. However, the company forecasts a growth in production of 14% from 2006 to 2007. The revised forecasts do not represent any change in Statoil's oil and gas reserves but entails postponed production. Output in 2006 is expected to be 1,140,000 barrels of oil equivalent per day (boe/d) based on an oil price of USD 60 per barrel. The production target for 2007 is being reduced to 1,300,000 boe/d, split between approximately 1,060,000 boe/d from the Norwegian continental shelf and approximately 240, 000 boe/d internationally. The target is based on an oil price of USD 60 per barrel for the period 2005-07, and is a reduction of about 3%. As a direct consequence of reduced production, production costs per boe will increase for both 2006 and 2007. write your comments about the article :: © 2006 Construction News :: home page |