Wednesday, May 04, 2011
Deutsche Presse-Agentur (dpa)
Norwegian energy giant Statoil's first-quarter net income increased 44 percent driven by higher gas and oil prices, the group said Wednesday.
Net income for the quarter was 16.1 billion kroner (3 billion dollars) compared to 11.1 billion kroner in the corresponding business period 2010.
Revenues in the quarter were 151 billion kroner, up 17 percent year-on-year, the state-controlled group said.
Statoil said its average daily oil and gas output was some 1.9 million barrels of oil equivalent per day during the quarter, a 6 percent drop in production year-on-year but in line with its expectations.
The average first-quarter oil price measured in kroner was up 33 percent year-on-year, while the average natural gas price was 20 percent higher measured in the Norwegian currency, the group said.
For 2011, Statoil said it predicted production to be at the same level or slightly below the 2010 level.
The group said it had made important discoveries off Norway and in Brazil, and had received permits to drill two exploration wells in the Gulf of Mexico.
During the quarter the group drilled 10 exploration wells, including three outside the Norwegian continental shelf. Three of the wells resulted in discoveries, Statoil said.
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