Statoil, Norway's largest oil company, is forecasting output growth of about 3% per year over the next decade, saying production will exceed 2.5 million barrels per day in 2020 as the company taps new projects away from its home domicile in locations such as Angola and Brazil.
Oslo-based Staoil (STO) expects to get 44% of its oil and gas output from outside of Norway by 2020, Bloomberg News reported. The company has been forced to look overseas for new deposits due to dwindling production in the North Sea, which still accounts for the bulk of the company's output.
Statoil said its reserve-replacement ratio will rise above 100% within the next couple of years from its current level of 87%, Bloomberg reported. While the company has reduced its exposure to the Canadian oil sands, it intends to remain active in the Eagle Ford Shale in South Texas and the Marcellus Shale in Pennsylvania.
The company expects to spend $16 billion on exploration and production projects in 2012, a sum that is on par with the company's 2011 budget. State-controlled Statoil accounts for about 80% of Norways oil and natural gas production.