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Statoil lowers production forecasts for 2013

Following an otherwise solid quarterly report, Statoil is now lowering the expectations to oil production for the full year of 2013.

Photo: Øyvind Hagen/Statoil

Statoil is lowering expectations for oil production in 2013 in connection with the release of the Norwegian oil company’s third quarterly report for 2012. Now a drop in oil production is expected, whereas previously Statoil had expected production to stay on level with 2012.

In the third quarter, Statoil produced a turnover of 166.7 billion Norwegian kroner (NOK), a little bit better than the expectation of a 160.8 billion NOK cited among analysts at SME Direkt. At the bottom line, Statoil has a result of 43.9 billion NOK before taxes this quarter compared to an estimate of 42.0 billion NOK.

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