Statoil profit plunge in second quarter

Statoil profit plunge in second quarter
Statoil CEO Helge Lund. File photo: Heiko Junge/Scanpix
Norwegian oil company Statoil said lower prices for liquids and gas had made themselves felt in second-quarter profits, down more than 50 percent since 2012, but said the company was "on track" for the year.

Statoil delivered an operationally solid quarter. We produced as planned, delivering record production from our portfolio outside Norway. We are on track and maintain our guidance for 2013," says 

Norway's biggest listed company took home 27.4 billion kroner ($4.6 billion) before tax in the second quarter of 2013, a 53.9-percent tumble compared to the same period last year. 

"Our financial results were impacted by lower prices for liquids and gas and weak trading results," Statoil CEO Helge Lund said in a statement on Thursday morning. "However, we have maintained good cost control and delivered strong earnings, particularly from our international portfolio."

Lund set his hopes to developments of new oil and gas fields both at home – "with major field developments ongoing such as Gudrun, Åsgard subsea compression and Valemon" – and abroad. 

"The activity level on new field developments is high. We are executing our projects according to plan," said Lund.

The company has explored assets in Russia, Azerbaijan, Tanzania and Australia.

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