Norway’s state-controlled Statoil is trying to get to grips with cost escalation and reining in its output targets as it seeks to reassure nervous investors. Statoil has scrapped a 2020 target of 2.5mn b/d of oil equivalent(boe/d)of equity production and is plotting a more cautious path of 3pc/yr increases in organic production in 2013-16 from a“rebased”2013 level of 1.86mn boe/d that reflects recent asset deals.It says it will keep organic capital expenditure(capex)at$20bn/yr from 2014-16,up from$19.4bn last year,but down from a projected average of$21bn/yr for 2013-16 that it announced a year ago. The company’s plans have a more cautious geographical spread,with 45pc of capex until 2016 offshore Norway,up from 40pc projected a year ago.And Statoil says just 60pc of its capex will be in liquids production,as opposed to a projection of 70pc a year ago.
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