Accordint to AP Statoil (STO)
ASA will increase efforts to produce more oil in Norway
's home waters, even as it expands exploration.
Statoil is the key petroleum producer on Norway's offshore oil fields, operating 24 fields that account for about 60 percent of the country's production.
Norway is the world's third largest oil exporter, after Saudi Arabia and Russia, with production in April of 2.4 million barrels a day plus natural gas. About 1.4 million barrels a day are produced by Statoil.
In areas that are already producing, Lund said the company will use new technology to increase the amount of oil recovered from mature fields. Statoil will also step up the search for new oil reservoirs
that are close to existing platforms, cutting development costs by using existing facilities, the company said.