StatoilHydro plans record exploration spend

StatoilHydro has allocated $13.95bn for global capital expenditure in 2008 and around $14.8bn in 2009.

Offshore staff

STAVANGER, Norway --StatoilHydro has allocated $13.95bn for global capital expenditure in 2008 and around $14.8bn in 2009.

This year's exploration program, with an estimated cost of around $3.35bn, represents an all-time high for the company. It plans to drill or participate in around 70 wells, around half being offshore Norway.

Most of the Norwegian wells will be in mature areas, but with some frontier drilling in the Barents Sea and Norwegian Sea. Elsewhere, the company's most important wells will be offshore Azerbaijan, Brazil, the US Gulf of Mexico, and Nigeria.

As for production, StatoilHydro is targeting around 1.5MMboe annually over the next few years and up to 1.55MMboe in 2012. It aims to grow its international equity production from around 500,000MMboe this year to 650,000MBoe/d in 2012.

01/09/2008

More in Company News