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Statoil Focuses on Field Reliability to Boost Output Amid Slump

  • Fewer outages last year meant fields ran more than 90% of time
  • Company added 50,000 high-value barrels to daily production
Bloomberg business news

Statoil CFO: Some Signs of Recovery Amid Uncertainty

Statoil ASA boosted production more than 2 percent last year by increasing the reliability of its oil and gas fields amid the lowest crude prices in a decade.

Norway’s largest energy producer got an extra 50,000 barrels of oil equivalent a day by cutting unplanned disruptions to keep its fields running for more than 90 percent of the time, Chief Financial Officer Hans Jakob Hegge said Wednesday. The company pumped 1.97 million barrels a day on average through the year, an increase of 44,000 a day from 2014.