Saturday, March 22, 2014

- We achieved strong strategic progress in the third quarter. We strengthened resource base oil of


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- We achieved strong strategic progress in the third quarter. We strengthened resource base oil of high value through Bay du Nord discovery off the coast of Canada, the largest oil discoveries so far this year. We have also completed a significant transaction to realize value created through the development of our portfolio and to free capital for investment in projects with high returns. The operation is good and we delivered solid earnings in the period, says Statoil CEO Helge Lund.
Prior to this, a number of analysts that Statoil has acquired estimates of projected an adjusted operating profit of NOK 11.8 billion, compared to NOK 11.9 billion in the third quarter last year and 11.3 billion in the second quarter.
- Production in the quarter was in line with our expectations, and we maintain production forecast for 2013. The activity level is high and we are implementing our projects on schedule, cost control and capital discipline, says Lund.
Highlights since the second quarter: * Still active portfolio management, equivalent to the transaction with OMV of 2.65 billion USD to realize value and focus portfolios on Norwegian and British sectors, and the completion of the previously announced Wintershall transaction on the Norwegian remle continental shelf to a value of 1.45 billion USD. * Continued strong exploration results through an oil discovery with high potential (high-impact) in the Flemish Pass Basin, offshore Canada and several remle new discoveries on the Norwegian shelf. Statoil is a partner in the OMV-operated oil discovery in Central Wisting remle Hoop area. We also announced an oil discovery near Norne and a gas / condensate remle discovery north of Asgard period. remle * Further strengthening of financial flexibility in the execution of capital market transactions for a value of $ 3.4 billion for competitive terms. * Investigation report about the terrorist attack on Amenas was published on 12 September. Statoil will ensure that the recommendations are integrated and prioritized as part of the ongoing improvement program within the containment remle area. * Impairments related to Mongstad and Kalundborg refinery of 4.2 billion due to lower margins remle and challenging prospects. * The government announced in September that full-scale plant for carbon capture remle at Mongstad (CCM) can not be continued. Statoil remle now works to ensure a good project completion.
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