Statoil cuts 2016 capex by $1 billion

Statoil ASA plans to cut its capital expenditure guidance for 2016 to $12 billion from $13 billion. That includes an exploration guidance reduction to $1.8 billion from $2 billion.

The Norwegian state-owned firm’s production guidance remains unchanged, with expected organic production growth of 1%/year from 2014-17.

Statoil recorded equity production of 1.96 million boe/d in the second quarter. Underlying production growth in the quarter, after adjusting for divestments, was 6% compared with last year’s second quarter.

The firm took a second-quarter net loss of $307 million compared with a net profit of $861 million a year earlier. First-half organic capital expenditure was $5.3 billion.

Did You Like this Article? Get All the Energy Industry News Delivered to Your Inbox

Subscribe to an email newsletter today at no cost and receive the latest news and information.

 Subscribe Now


The Time is Right for Optimum Reliability: Capital-Intensive Industries and Asset Performance Management

Imagine a plant that is no longer at risk of a random shutdown. Imagine not worrying about losing...

Going Digital: The New Normal in Oil & Gas

In this whitepaper you will learn how Keystone Engineering, ONGC, and Saipem are using software t...

Maximizing Operational Excellence

In a recent survey conducted by PennEnergy Research, 70% of surveyed energy industry professional...

Leveraging the Power of Information in the Energy Industry

Information Governance is about more than compliance. It’s about using your information to drive ...