(Bloomberg) -- Statoil ASA, Norway's largest oil company, cut its 2007 production target by as much as 12 percent after the closure of a North Sea field and delays at projects from Azerbaijan to Algeria.
Output will average between 1.15 million and 1.2 million barrels of oil equivalent daily this year, down from a previous goal of 1.3 million barrels, the Stavanger, Norway-based company said today in a statement. Statoil, which pumped 1.135 million barrels last year, first said it would miss the old estimate on April 26.
Read more at Bloomberg Energy News
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