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StatoilHydro To Increase Oil and Gas Production

The new production target, based on the equity method which includes volumes from overseas production sharing agreements...

Norway's StatoilHydro projected yesterday that its oil and gas production would grow to 2.2 million barrels of oil equivalent per day in 2012 from 1.9 million barrels in 2008.

The new production target, based on the equity method which includes volumes from overseas production sharing agreements, came before the start of a day of presentations to investors and analysts in London.

Production from fields off Norway is estimated to be around 1.5 million barrels for the next 10 years, reaching 1.55 million barrels in 2012, while international equity oil and gas output is seen growing to 0.65 million barrels in 2012, the company said.