Norsk Hydro to double oil and gas production by 2010

Jul 17, 2000 02:00 AM

Norsk Hydro says it intends to double oil and gas production by 2010. The company says this target will be the over all objective regardless of whether it succeeds in buying the Norwegian government's prized offshore petroleum assets.
Hydro believes it can reach these objectives in raising its total petroleum output from 400,000 bpd to reach 800,000 barrels before 2010, by increased drilling from the Norwegian continental shelf. Most of the increase will come from Norwegian gas fields, while international operations will account for about 250,000 barrels.
Norsk Hydro has said it plans to buy part of Norway's so-called State Direct Financial Interests in 150 Norwegian offshore licences, worth about NKr 200 bn ($ 22.8 bn). The SDFI comprises about 40 % of offshore reserves. It is understood government could put up to 40 % of the SDFI for sale later this year. However, the company faces stiff competition from Statoil, Norway's state-owned oil company.
Hydro's energy strategy was announced together with a better-than-expected rise in first-half net profit, which more than doubled to NKr 5.2 bn. Operating profit rose to NKr 13.8 bn from NKr 2.9 bn on 46 % higher sales at NKr 70.9 bn.

Source: Energy24
Alexander's Commentary

Change of face - change of phase

In the period of July 20 till August 3, 2015, Alexander will be out of the office and the site will not or only irreg

read more ...
« September 2021 »
September
MoTuWeThFrSaSu
1 2 3 4 5
6 7 8 9 10 11 12
13 14 15 16 17 18 19
20 21 22 23 24 25 26
27 28 29 30

Register to announce Your Event

View All Events