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Statoil cuts investment plans, drops output goal

Norwegian oil and gas major Statoil abandoned its 2020 production target and sharply reduced its capital expenditure plans, aiming to improve shareholder returns instead, the firm said on Friday.

(Read more:Iran puts out the welcome mat for Big Oil)

Statoil said it would spend $5 billion less in 2014-2016 than earlier planned to achieve positive organic free cash flow after dividends from 2016, it said in an investor presentation.

It also plans to introduce quarterly dividend payment from this year and promised to use share buy-backs more actively in the future.

(Read more: Statoil treads cautiously on Iran return offer)

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