Statoil profits leap by 12.3%

Record international production and higher oil and gas prices helped Norwegian energy firm Statoil increase its first quarter profits by 12.3% to £3.25billion.

Revenue for the three months totalled £14.2billion, up 27.8% year-onyear.

The company said international production rose by 6% to 799,000 barrels of oil equivalent (boe) per day. The increase was primarily driven by new US onshore wells. Total equity production climbed to 2.18million boe per day, up from 2.15million last year.

Chief executive Eldar Saetre said: “We have a lower cost base, enabling us to capture high value from higher prices and deliver solid earnings.”