Hydro production passes 500,000 boe/d

April 17, 2002, 01:00 CEST

Norsk Hydro last week hit an average equity daily production rate of 509,000 barrels of oil equivalents per day.

"These welcome figures demonstrate that our focus on operations is producing positive results. The acquisition of SDFI (State's Direct Financial Interest) shares has also contributed to this milestone. Now it's a matter of keeping the pressure on - regarding production and regularity," says Hydro Oil & Energy economic director Kjetil Solbraekke.

Hydro Oil & Energi targets a yearly production increase of five percent.

Hydro's average equity daily production of oil and gas in 2001 was 421,000 barrels of oil equivalents per day (boe/d). Last week's output rate is some 19 percent higher than the average daily output figure for 2001. Hydro produces petroleum in Angola, Canada, Libya, Norway and Russia - and has interesting prospects in Iran and the Gulf of Mexico.

Hydro operates 15 oil and gas installations on 12 offshore fields with a combined production of more than 1.3 million boe/d - making it one of the leading offshore oil and gas production companies in the world.