"The revised production target (of 585,000 barrels of oil equivalent per day) for 2006 is a result of delayed production and has no impact on Hydro's oil and gas reserves," Norsk Hydro ASA said in a statement.
Norsk Hydro, the energy and aluminum company, estimated second-quarter oil and gas production at about 535,000 boed, of which 32 percent is gas.
Norsk Hydro shares dropped sharply on the news, but recovered from their steepest losses and traded down 2.7 percent at NOK 164.50 by 1140 GMT on the Oslo bourse, up from a session low of 161.
Hydro said the reduction of 30,000 boed from its previous production target of 615,000 boed was equally divided between its Norwegian and international portfolio.
"(It) is mainly due to unforeseen events in Norway, Canada and US Gulf of Mexico, and somewhat lower gas export from Norway than planned," Norsk Hydro said.
