Oil & Gas: Profit jump for Statoil

Statoil on Monday presented a pre-tax result of well over NOK 16 billion for the second quarter. This is slightly less than NOK one billion below the result for the same period last year, but almost NOK 1.5 billion better than analysts had expected. Statoil's operating revenues increased by 4 per cent, to NOK 63.2 billion in the second quarter. This is a strong increase considering that the oil price has dropped by 20 per cent in one year. This has been made possible by increasing production by 15 per cent, partly through increasing gas production by 70 per cent. "I am particularly satisfied with developments in the upstream business in the second quarter," comments Statoil chief executive Olav Fjell. (NRK)