Oil and Gas News from OilGasDaily.Com  
OIL AND GAS
Statoil focuses on operational performance
by Daniel J. Graeber
Stavanger, Norway (UPI) Feb 7, 2017


disclaimer: image is for illustration purposes only

Even as it took a loss for the fourth quarter, Norwegian energy major Statoil said its production was up 2 percent from the same time last year.

Statoil is one of Europe's dominant energy players and Norway is one of the region's top suppliers of oil and gas, apart from Russia. The company said Tuesday its equity production for the fourth quarter was 2.1 million barrels of oil equivalent per day, up about 49,000 boe from the same period in 2015.

"Excluding divestments, the underlying production growth was 2 percent compared to the fourth quarter last year," the company said in a statement.

The Norwegian government reported preliminary production for December was around 2 million barrels per day, which was 3 percent lower than November. Full-year production, however, showed an increase for the third straight year.

Statoil's production trend comes as companies start to increase their exploration and production operations in response to improved crude oil prices. The company said it completed nearly two dozen exploration wells last year and its adjusted exploration expenses for the fourth quarter were up 2 percent year-on-year to $607 million.

After taking a net operating loss of $1.9 billion, the company said it was focused on trimming costs by as much as $1 billion for 2017.

Eldar Saetre, the company's president and CEO, said cost-cutting efforts would have lasting impacts and, despite the loss, Statoil remained one of Europe's top producers.

"We delivered strong production and solid operational performance across all segments in the quarter," he said.

Statoil is leading development efforts at the Johan Sverdrup oil field off the Norwegian coast. At peak capacity, Johan Sverdrup should account for up to 25 percent of country's total petroleum production.


Comment on this article using your Disqus, Facebook, Google or Twitter login.


Thanks for being here;
We need your help. The SpaceDaily news network continues to grow but revenues have never been harder to maintain.

With the rise of Ad Blockers, and Facebook - our traditional revenue sources via quality network advertising continues to decline. And unlike so many other news sites, we don't have a paywall - with those annoying usernames and passwords.

Our news coverage takes time and effort to publish 365 days a year.

If you find our news sites informative and useful then please consider becoming a regular supporter or for now make a one off contribution.
SpaceDaily Contributor
$5 Billed Once


credit card or paypal
SpaceDaily Monthly Supporter
$5 Billed Monthly


paypal only


.


Related Links
All About Oil and Gas News at OilGasDaily.com






Share this article via these popular social media networks
del.icio.usdel.icio.us DiggDigg RedditReddit GoogleGoogle

Previous Report
OIL AND GAS
U.S. isolating itself, deputy Iranian petroleum minister says
Tehran (UPI) Feb 6, 2017
It's Washington that sidelined U.S. energy companies from taking part in any upcoming contract talks for Iran, not Tehran, a petroleum minister said. Iranian media reported over the weekend that Iran could hold its first post-sanction offers for foreign oil and gas companies as early as next week. Dozens of foreign entities have been pre-qualified, but tightened sanctions pressure from ... read more


OIL AND GAS
Cathay Pacific to cut emissions with switch to biofuel

DuPont Industrial Biosciences to develop new high-efficiency biogas enzyme method

Populus dataset holds promise for biofuels, materials, metabolites

Handheld Sensor Unit Determines Biofuel Content Of Diesel Blends

OIL AND GAS
NRDC: States should lead low-carbon economy

Storing solar power increases energy consumption and emissions

Academics build ultimate solar-powered water purifier

Eltek to provide solar energy for hospitals in Zimbabwe under UNDP programme

OIL AND GAS
Prysmian UK to supply land cable connections for East Anglia ONE offshore wind farm

Russia's nuclear giant pushes into wind energy

The power of wind energy and how to use it

Largest US offshore wind farm gets green light

OIL AND GAS
Toshiba to stop building new nuclear plants: report

Iran imports 149 tonnes of uranium from Russia: atomic chief

France's Areva picks up Japanese investors

Canada uranium supplier, Fukushima operator in contract fight

OIL AND GAS
The ancient Indus civilization's adaptation to climate change

EU ahead of the curve on climate fight

Land-use change possibly produces more carbon dioxide than assumed so far

Role of biosphere counteracting climate change may be underestimated

OIL AND GAS
Chinese, Mexican automakers team up to make SUVs

Pedal power revival as bike-share apps race for glory

Dieselgate drags on for VW and Bosch with new payouts

Daimler to supply self-driving cars for Uber

OIL AND GAS
Iraq faces massive challenge in Mosul offensive: UN envoy

Iraq family turned back by US says cleared for entry

Iraq calls on US to review 'wrong' travel ban

Iraq PM says US ban punishes those 'fighting terrorism'

OIL AND GAS
US, S. Korea to 'strengthen' defenses against N. Korea

S. Korea 'suspends visas' for Chinese teachers

Iran rejects Trump missile warning as relations sour

Trump on Iran: 'Nothing is off the table'









The content herein, unless otherwise known to be public domain, are Copyright 1995-2024 - Space Media Network. All websites are published in Australia and are solely subject to Australian law and governed by Fair Use principals for news reporting and research purposes. AFP, UPI and IANS news wire stories are copyright Agence France-Presse, United Press International and Indo-Asia News Service. ESA news reports are copyright European Space Agency. All NASA sourced material is public domain. Additional copyrights may apply in whole or part to other bona fide parties. All articles labeled "by Staff Writers" include reports supplied to Space Media Network by industry news wires, PR agencies, corporate press officers and the like. Such articles are individually curated and edited by Space Media Network staff on the basis of the report's information value to our industry and professional readership. Advertising does not imply endorsement, agreement or approval of any opinions, statements or information provided by Space Media Network on any Web page published or hosted by Space Media Network. General Data Protection Regulation (GDPR) Statement Our advertisers use various cookies and the like to deliver the best ad banner available at one time. All network advertising suppliers have GDPR policies (Legitimate Interest) that conform with EU regulations for data collection. By using our websites you consent to cookie based advertising. If you do not agree with this then you must stop using the websites from May 25, 2018. Privacy Statement. Additional information can be found here at About Us.