Statoil, the Norwegian oil and gas company, has managed to make one of its flagship oil projects profitable at less than $25 per barrel. The group said it has cut costs and ramped up the amount of oil it plans to siphon, lifting production targets. Even if the price of oil drops again, it will still be able to make money: Statoil cut Norwegian Krone 99 billion (£9.18 billion, $12 billion) worth of costs. It raised its estimated production output to 440,000. This is an increase from… Read More
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