COPENHAGEN, Oct 9 (Reuters) - Danish oil and shipping group A.P. Moller-Maersk said on Tuesday Maersk Oil was targeting an entitlement oil production level above 400,000 barrels of oil equivalent per day by 2020.
The group has previously said it aimed to reach a level of 400,000 barrels of oil equivalent per day without a specific time frame.
"In order to reach the production target and secure a stable resource growth, Maersk Oil expects a major investment phase ahead, in addition to high exploration costs in the area of $1 billion per year," the group said in a statement ahead of its capital markets day on Tuesday.
The group also said it expected its oil and gas unit Maersk Oil see a decline in return on invested capital during the expansion phase, but that the return would will remain double digit. ($1 = 5.7498 Danish crowns)
(Reporting by Mette Fraende)
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