Statoil Upgrades Production Forecast

Statoil has upgraded its forecast for total production in 2002, from 1,050,000 barrels of oil equivalent per day (boe/d) to 1,070,000 boe/d.

Output from the Norwegian continental shelf is expected to average some 1,050,000 boe/d in the fourth quarter, while international operations should average 85,000 boe/d for 2002.

This boosts Statoil's production estimate over the whole year to the revised figure. "The increase is primarily down to the fact that we've been able to make more gas available for sale to the UK," explains Peter Mellbye, executive vice president for Natural Gas.

Statoil is sticking to its production target for 2004 of 1,000,000 boe/d from the NCS and 120,000 boe/d internationally.


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