Statoil forecasts energy production gain

Norway’s state-controlled oil company StatoilHydro ASA on Wednesday said it expects oil and natural gas production to increase 16 percent by 2012 after declining in recent years.

StatoilHydro also announced an agreement to sell its subsidiary IS Partner AS to the Norwegian group EDB Business Partner ASA for nearly 1.2 billion kroner ($223 million) as part of a corporate streamlining. The unit handles the company’s information technology operations.


…StatoilHydro said it expects its worldwide oil and natural gas equity production, measured in oil equivalents, to increase from 1.9 million barrels per day this year to 2.2 million barrels per day in 2012. Oil equivalents measure the energy content, rather than the volume, of oil and natural gas.

On Dec. 7, shares in the Stavanger-based group cut its production forecast for 2008 to 1.9 million barrels.

Business Week