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Image courtesy of Statoil.

In an effort to curb costs, Norway’s Statoil said Monday its U.S. shale oil and gas production will only grow slightly in the near term.

The decision will put the company’s U.S. output well below the 50 percent surge announced earlier this year, Reuters said.

Statoil produces about ten percent of its oil and gas from U.S. shale operations in the Marcellus, Eagle Ford and Bakken formations. It holds 665,000 net acres in the Marcellus play, 73,000 net acres in Eagle Ford and 330,000 net acres in Bakken.

The state-owned company is easing off on new investments as it faces rising costs after a decade of growth.

“We have to compete for capital within the company and the pace of development will depend on how successful we are in delivering high profitability,” Statoil’s Chief for U.S. Onshore Torstein Hole said.

Statoil previously set its U.S. production target to 500,000 barrels per day by 2020 with 300,000 of those barrels coming from shale.

Hole said he expects U.S. production to hold at approximately 210,000 barrels of oil equivalent per day for the rest of the year.

That target will be revised when the company revises its broader projections.