Norway's Statoil net income doubles in 2010

Feb 9, 2011, 9:57 GMT

Oslo - Norwegian energy giant Statoil's annual net income doubled in 2010 due to higher oil prices even though its production fell, the group said Wednesday.

Net income for the year was 37.6 billion kroner (6.5 billion dollars) compared to 17.6 billion kroner for 2009.

The state-owned company said net operating income increased 13 per cent year-on-year to 137.2 billion kroner.

Statoil said its average daily oil and gas output was some 1.88 million barrels of oil equivalent per day during the year, down 4 per cent year-on-year.

Lower production from mature fields and more maintenance were factors cited by the group for the lower output.

In its outlook, Statoil expected 2011 daily production to be the same or slightly below that of 2010.

The average fourth-quarter oil price measured in dollars was up 18 per cent year-on-year, whle the full-year average price was 32 per cent higher compared to 2009.

The year-on-year average natural gas price was 10 per cent lower measured in the Norwegian currency, the group said.

Chief executive Helge Lund said the group planned to increase its exploration activity in the year.

During the last quarter of 2010, the group reported an 8 per cent increase in exploration spending to 5.3 billion kroner.

Statoil drilled 35 exploration wells during 2010 of which 18 were outside the Norwegian continental shelf.

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