COPENHAGEN, Oct 9 (Reuters) - Danish oil and shipping groupA.P. Moller-Maersk said on Tuesday Maersk Oil wastargeting an entitlement oil production level above 400,000barrels of oil equivalent per day by 2020.
The group has previously said it aimed to reach a level of400,000 barrels of oil equivalent per day without a specifictime frame.
"In order to reach the production target and secure a stableresource growth, Maersk Oil expects a major investment phaseahead, in addition to high exploration costs in the area of $1billion per year," the group said in a statement ahead of itscapital markets day on Tuesday.
The group also said it expected its oil and gas unit MaerskOil see a decline in return on invested capital during theexpansion phase, but that the return would will remain doubledigit.($1 = 5.7498 Danish crowns)
(Reporting by Mette Fraende)
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