There are harder times for the Norwegian oil company StatoilHydro. Still, if the company divides its current investment plans over several annual budgets, the company will have a surplus every year with an oil price lower than 55 USD, newspaper Dagens Næringsliv reports.
However, the low oil price will have an impact on StatoilHydro’s development plans. The planned investments in exploration are lowered for 2009. There is a planned investment reduction of three billion USD for 2009 compared to 2008, DN.no writes.
StatoilHydro also has plans to start production at eight new oil fields, both on the Norwegian continental shelf and in Angola, Tahiti and the Mexico Gulf. These projects will be profitable if the oil price is above 35 USD. StatoilHydro has no plans in postponing these projects, even if the oil price is very close to this limit.
