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Statoil on pace to meet production goals

June 20, 2013 at 6:51 AM

STAVANGER, Norway, June 20 (UPI) -- Norwegian energy company Statoil said it is on pace to produce more than 1.4 million barrels of oil per day domestically by the end of the decade.

Statoil serves as the operator at more than 70 percent of the oil and natural gas production facilities on the Norwegian continental shelf. With more than 40 assets in the Barents, North and Norwegian seas, the company said it is on pace to achieve its offshore ambitions.

"With significant recent discoveries in both mature and frontier areas, exploration represents an additional upside potential for value creation in this important oil and gas region," Statoil Chief Financial Officer Torgrim Reitan said in a statement.

Worldwide, the company said it has added trillions of barrels worth of capacity to its portfolio since 2011.

Across the Atlantic Ocean, the company announced Wednesday it made an oil discovery while drilling off the coast of Newfoundland, Canada. The discovery, dubbed Harpoon, was made near the Mizzen prospect, which is estimated to hold more than 100 million barrels of oil.

Statoil said the Harpoon discovery was "very encouraging," though it is too early to make a prediction about the resource potential.

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