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Statoil rolls out more barrels amid solid profits
Published: 08 May 2012 10:31 GMT+02:00 | Print version
Updated: 08 May 2012 10:31 GMT+02:00
Norwegian state oil group Statoil reported surprisingly strong quarterly profits on Tuesday on robust production figures even though net profit fell slightly.
- Statoil signs $2.5 billion Arctic deal with Rosneft (07 May 12)
- Why the hunt for North Sea oil is getting harder (02 Apr 12)
- Norway's oil fund to cut exposure in Europe (30 Mar 12)
Net profit for the first quarter of the year was 15.1 billion kroner ($2.6 billion), a fall of 5.4 percent from the figure of 16 billion kroner at the same time last year.
The fall reflected a boost to the figures last year from a capital gain, and an increased tax charge this year.
Gross operating profit after adjustments rose sharply to 59.2 billion kroner from 47.2 billion kroner, well above 53.5 billion kroner expected on average by analysts polled by Dow Jones Newswires.
Sales also rose strongly to 195.4 billion kroner from 151.9 billion kroner.
The group produced 2.193 million barrels of oil equivalent per day, an increase of 11.3 percent, and has a target of exceeding 2.5 million barrels in 2020.
Statoil has just signed an ambitious cooperation agreement with the leading Russian oil group Rosneft to gain access to vast areas of Russian off-shore waters of the Barents Sea in the Arctic region, and in the Far East.
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Democracy, Human Rights and the Rule of Law in Europe: Strengthening the Impact of the Council of Europe’s Activities (Thu, 16 May)
- We meet at a very important moment. As we here from the Secretary General the founding principles of this organisation, democracy, human rights and the rule of law are again under pressure in Europa. We have to take that very seriously, said Minister of Foreign Affairs, Espen Barth Eide, in his statement at the Council of Europe's meeting.
The Niwano Peace Prize to Gunnar Stålsett (Thu, 16 May)
Ambassador Arne Walther gave this message on behalf of Minister of Foreign Affairs, Mr. Espen Barth Eide, at the award ceremony.
National statement by Norway’s Minister of Foreign Affairs Espen Barth Eide (Wed, 15 May)
"The great interest that that non-Arctic states are taking in the coming observership is a tribute to the good work we have done together. I think it is very important to welcome the new observers and to appreciate their interest to working with us on the basis of the principles that we have agreed to”, Foreign Minister Espen Barth Eide said at the Arctic Council Ministerial meeting in Kiruna, ...
Arctic Council welcomes new observers (Wed, 15 May)
“I am pleased that six new countries and the EU have been granted observer status in the Arctic Council. This confirms the Arctic Council’s key position as an international forum for discussing Arctic issues,” said Minister of Foreign Affairs Espen Barth Eide, who is taking part in the Kiruna Ministerial Meeting.
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