Statoil May Fail To Produce Promised Volume

Statoil CEO Erling Overland said the Company will unlikely be able to produce the amount of oil and gas it promised this year.
Before the start of the year, Statoil estimated its own oil and gas production to an average of 1.12 million barrels of oil equivalents in 2004.
Monday Overland, presenting the numbers for the second quarter of 2004, maintained the goal, but stated that there was a chance that the company would not reach it.
He said, ?1.12 million barrels per day are a very demanding goal. Our best estimate today is that our production will be close to this, but slightly less.?
He pointed out that the main reasons of the possible failure are the delayed start of the Corrib filed in Ireland and the sale of oilfields in Denmark.
Statoil produced in average 1.8 million barrels per day in 2003. If the company manages to reach its goal of 1.12 million barrels of oil equivalents per day this year, it will be the highest ever for the company.