The explorer said it expected to produce between 7, 000 and 8, 000 barrels of oil equivalent per day (boepd) this year, up from its earlier forecast .

BBC: Oil company Faroe Petroleum raises expectations

And we can expect more declines in 2013, with analyst Kim Fustier at Credit Suisse forecasting a further 6.1% reduction in oil and gas volumes, from the current 2.3 million boepd, despite a handful of new projects coming on line this year.

FORBES: As Profits Sag, BP Girds For The 'Trial Of The Year'