Statoil bets big on U.S. oil, natural gas assets

05/19/2013 | Rigzone

Statoil expects its U.S. oil and natural gas investments to help it meet production targets for 2020, executives said. The Norwegian firm seeks to produce 2.5 million barrels per day by 2020 from a current 2.1 million barrels per day. "Average production from our U.S. and Canadian fields in the first quarter 2012 was 149,000 barrels of oil equivalent per day ... up as much as 75 percent compared to the corresponding quarter in 2011," said Bill Maloney, Statoil's executive vice president and head of its Development and Production business unit in North America.

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