Statoil struggles with rising E&P costs.

摘要

The Norwegian state energy firm on Feb. 7 announced that it will cut its capex over the next two years by 8% to $20B/y as it looks to maintain cost control after production costs rose 5% in 2013 to NOK44/boe ($7.10/boe) from NOK42/boe in 2012. Higher production costs were attributed to more complex projects that require greater investments, as well as raw material inflation, industry bottienecks, and tax increases. Reuters analyst John Kemp added that industry bottlenecks have resulted from a number of offshore "megaprojects" being undertaken at the same time, putting a strain on the global construction and engineering supply chain thus driving up costs for the entire industry and leading in some cases to project delays. Even with the rise in production costs, 4Q 2013 net earnings were reported as NOK14.8B ($2.38B), up from NOK13B for the same period in 2012.