OSLO (AFX) - Statoil ASA said it plans to maintain a Norwegian production level of 1 mln barrels of oil equivalent (boe) per day until 2015.
Previously, it aimed at maintaining an output in Norway of 1 mln boe per day beyond 2010.
The group also published positive results from exploration wells in Morvin in the Norwegian Sea and Valemon in the North Sea.
'These exploration results are encouraging with a view to further development of important provinces where Statoil has a leading role as operator,' said Helge Lundm, chief executive at Statoil.
'Thanks to these positive results, we now believe that it may be possible to extend our plateau production on the NCS (Norwegian Continental Shelf) until 2015,' he added.
Statoil maintained its target for production in 2007 of 1.4 mln boe per day, a target which is based on an oil price of 30 usd per barrel.
It did, however, say that if the current high price of oil continues to the end of 2007, the rules for international production sharing agreements (PSA) will lead to a reduction in the group's book output of 50,000-60,000 barrels per day.
On the same basis, Statoil maintains its target for average annual production growth of 2-4 pct from 2007 to 2010.
For 2006, it sees production of 1.2 mln boe per day, including PSA effects.
Statoil also said it has decided to raise its long-term oil price assumption to 30-35 usd per barrel from previously 25-30 usd per barrel. karin.jensen@afxnews.com kj/lam COPYRIGHT Copyright AFX News Limited 2005. All rights reserved. The copying, republication or redistribution of AFX News Content, including by framing or similar means, is expressly prohibited without the prior written consent of AFX News. AFX News and AFX Financial News Logo are registered trademarks of AFX News Limited
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