StatoilHydro faces cuts
Norwegian energy major StatoilHydro might have to revise its plans for stable oil and gas production until 2018. Financial crisis and low oil prices force the company to cut investment projects and lower activities.
BarentsObserver this week reported about positive StatoilHydro figures for the first quarter of 2009. That might not be enough to help the company cope with its production goals.
In an investor presentation in London last year, StatoilHydro CEO Helge Lund said the energy company aims at stable oil and gas production until 2018, newspaper Dagens Næringsliv reports.
-We will have to adjust, Mr. Lund now says to DN.no
That might turn out to be a hard task. The company’s investment plans for 2009 of 90 billion NOK is met but only with the help of credits of up to 40-50 billion NOK.
Analysts now believe the energy company might have to cut its investment programme for 2010 with up to 20 percent.
