World: Norwegian energy giant and LNG operator Statoil reported a increased profit during the first quarter of 2017

The company reported an adjusted income of US$3.3 billion during the first quarter of 2017, significantly increasing from $857 million in the corresponding quarter last year.

Higher prices for both oil and North American gas, solid operational performance with high production and continued progress on improvement initiatives contributed to the increase.

Eldar Sætre, president and CEO of Statoil, said: “Our solid financial result and strong cash flow across all segments was driven by higher prices, good operational performance and an organic production growth of 5 percent.”

He added that the company’s production from the Norwegian Continental Shelf was at its highest level in five years, driven by high regularity and ramp-up of new fields.


Source: LNG World News.

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