Statoil Reaches Milestone in International Production
A new milestone in Statoil's international operations was passed last week, with a weekly average production from this part of the business of 201,158 barrels of oil equivalent (boe) per day.
That represents the highest-ever level of output for the group's activities outside Norway, reports Helge Hatlestad, senior vice president for international development and production.
"The high rate of production shows that we're heading in the right direction towards meeting our output target of more than 300,000 boe per day in 2007."
Last week's increase primarily reflects the resumption of production from Statoil's Lufeng development in the South China Sea on 9 June, following an 11-month shutdown.
This field was originally due to come off stream permanently in February 2004, but new wells and innovative technology are helping to keep it flowing until 2008.
Viewed in isolation, production from Lufeng is at a peak and will decline relatively swiftly to a lower level.
The estimate that Statoil will produce an average of 1,175,000 boe per day during 2005 remains unchanged.
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