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Statoil Estimates Lower Production in FY 2016
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Statoil has reported first quarter 2016 results.
2016 Outlook Organic capital expenditures for 2016 (i.e. excluding acquisitions, capital leases and other investments with significant different cash flow pattern) are estimated at around USD $13 billion. Estimates a total exploration activity level of around USD $2 billion for 2016, excluding signature bonuses The equity production for 2016 is estimated to be somewhat lower than the 2015 Q1 2016 Highlights Statoil delivered equity production of 2,054 mboe per day in the first quarter. The underlying production growth in the quarter, after adjusting for divestments, was 2% compared to the first quarter last year. Production from the Norwegian continental shelf (NCS) grew 2% in the first quarter of 2016 compared to last year, adjusted for…- ✓ Full news archive — U.S., Canada & international coverage
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