Statoil ASA said recent discoveries make buying an exploration company less attractive, just as Norway’s biggest oil and gas company is said to have stepped up its search for possible takeover targets.
Statoil ASA scaled back spending plans and cut production targets as Norway’s largest oil and gas producer seeks to boost free cash flow and shareholder returns amid rising costs and stagnating energy prices.
Statoil ASA, Norway’s largest energy producer, sees no need to write down the value of its portfolio of oil and gas assets in the U.S., Chief Executive Officer Helge Lund said in an interview today in Houston.
Statoil ASA is the giant of Norway’s economy, accounting for almost 20 percent of Oslo’s benchmark index. The state oil producer also looms large emotionally, as a symbol of Norway’s resource wealth and engineering prowess.
Statoil ASA , Norway’s largest oil and natural gas company, may target offshore Ghana as it seeks to expand its production abroad to counter dwindling crude output from the North Sea, its chief executive officer said.
Statoil ASA isn’t wedded to a target for production that it affirmed today as Norway’s biggest energy company seeks to balance the need to replace dwindling North Sea reserves with its obligation to create value for shareholders.