Statoil (STO) Cuts Production
Statoil (NYSE:STO - News) cut production estimates for 2006 and 2007, blaming complex technical challenges in projects with demanding reservoirs that have lead to postponements which have a negative effect on production estimates. Output in 2006 is expected to be about 3% lower than the earlier prognosis, at 1.14 million barrels of oil a day. Production in 2007 is seen rising to 1.3 million barrels of oil a day, which also is below 3% earlier forecasts.
posted by Stock Administrator @ 4:06 PM
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