Norwegian energy company Statoil has cut its oil and gas production targets by 3 per cent for both this year and next due to capacity constraints.
Statoil's output in 2006 is now expected to be 1.14 million barrels of oil equivalent per day (boed), based on an oil price of $60 per barrel, the company said.
In 2007 Statoil plans to produce 1.3 million boed, split between roughly 1,060,000 boed from the Norwegian continental shelf and 240,000 boed internationally.
"The revised forecasts do not represent any change in Statoil's oil and gas reserves but entails postponed production," Statoil said.
Shares in Statoil were down 3 per cent earlier this morning, while Oslo's benchmark index was down 0.7 per cent.
Tightness in the oil services market including difficulties in securing drilling rigs has forced a number of oil companies to warn that projects may be delayed and targets postponed.
