Oil and Gas News
Fuel group giant Norsk Hydro lowers production estimate for 2006
Oct 5, 2006, 14:29 GMT
Oslo - Norwegian oil and gas group Norsk Hydro announced Thursday it would lower its production estimate for 2006 by 2.6 per cent, citing delays in production and drilling capacity restraints.
Production for 2006 was estimated at 570,000 barrels of oil equivalent per day compared to the previous estimate of 585,000 barrels announced last June, Norsk Hydro said.
Norsk Hydro's announcement came a week after rival Statoil announced it would lower its production estimate for 2007 due to similar reasons.
Two-thirds of the reduction was attributed to Norsk Hydro's Norwegian portfolio, including the Kristin field.
Production delays at Terra Nova in Canada and Norsk Hydro fields in the Gulf of Mexico also contributed to the lower estimate.
© 2006 dpa - Deutsche Presse-AgenturCOMMENT
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