Bloomberg the Company & Products

Bloomberg Anywhere Login

Bloomberg

Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the world.

Company

Financial Products

Enterprise Products

Media

Customer Support

  • Americas

    +1 212 318 2000

  • Europe, Middle East, & Africa

    +44 20 7330 7500

  • Asia Pacific

    +65 6212 1000

Communications

Industry Products

Media Services

Follow Us

Statoil Sees No Need for Writedowns on U.S. Assets, Lund Says

Don't Miss Out —
Follow us on:

Oct. 7 (Bloomberg) -- Statoil ASA, Norway’s largest energy producer, sees no need to write down the value of its portfolio of oil and gas assets in the U.S., Chief Executive Officer Helge Lund said in an interview today in Houston.

“The assets that we have there are performing well, according to plan,” Lund said. “We do regular reviews of the assets in our portfolio everywhere in the world when we do quarterly reporting. So far there has been no need for writedowns.”

BP Plc and Royal Dutch Shell Plc are among European producers that have been forced to reduce the estimated value of U.S. shale formations since last year.

Stavanger-based Statoil set a goal in 2011 to reach oil and natural gas output of 2.5 million barrels a day by 2020, production that would require an investment of $21 billion a year through 2017, said Lund.

“Our portfolio can deliver that,” he said. “We need to evaluate, as we move forward, is that the best plan? We do not live on volumes and neither do the investors, so we will make sure that we do the right thing.”

To contact the reporter on this story: Bradley Olson in Houston at bradleyolson@bloomberg.net

To contact the editor responsible for this story: Susan Warren at susanwarren@bloomberg.net

Please upgrade your Browser

Your browser is out-of-date. Please download one of these excellent browsers:

Chrome, Firefox, Safari, Opera or Internet Explorer.