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Norsk Hydro cuts 2006 oil and gas production forecast by 2.6 percent

Norsk Hydro cuts 2006 oil and gas production forecast by 2.6 percent

Norsk Hydro ASA said Thursday daily oil and natural gas output for 2006 will be 2.6 percent lower than it previously forecast, due partly to delayed production starts.
The Norwegian oil and light metals group said its new target for 2006 is 570,000 barrels per day of oil equivalent _ a measure of energy content rather than volume of oil and gas _ compared with a previous forecast of 585,000 barrels per day.
Norsk Hydro reduced projections by 5 percent in June. The company said slow production at the new Kristin field and lower-than-projected gas production at the Kvitebjoern and Troll fields contributed to the recent production shortfall.
All three fields off Norway are jointly operated with state-controlled oil company Statoil ASA. Last week, Statoil cut its production target for 2006 by 3 percent.
"Drilling capacity restraints on the Norwegian Continental Shelf is also leading to deferred production on other fields," the company said in a statement.
Delays in restarting production at the Terra Nova field off eastern Canada, and delayed projects in U.S. Gulf of Mexico also hurt output.
The announcement had been widely expected.
Norsk Hydro's shares rose 2.5 percent to 144.25 kroner (US$22.19,euro17.17) on the Oslo stock exchange, after falling 12 percent in the past month as crude oil prices declined.
Norway is the world's third largest oil exporter after Saudi Arabia and Russia.
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On the Net:
http://www.hydro.com


Updated : 2021-06-25 18:08 GMT+08:00