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Statoil sees 16% Q1 increase in natural gas production year on year

08 May 2012 18:24:54 | esgm

Norwegian natural gas giant Statoil has posted a 16% year-on-year increase in gas production volumes for the first quarter of 2012 to 984 million barrels of oil equivalent (mboe), the company said in its quarterly financial results on Tuesday.

Production at the company's Troll field was up by almost 14% in the first two months of the year to 6.96 billion cubic metres, according to data from the Norwegian Petroleum Directorate. Ormen Lange output was up by 5.3% to 3.95Gm3 in the same period, figures from the same source show. Statoil has a 30% stake in Ormen Lange and a 31% share in Troll.

Adjusted earnings after tax swelled to Danish kroner (DKr) 16.8 bn (€2.26bn) during the quarter, representing a 41% increase year on year. The gains were helped by access to new acreage from 11 licences in the North Sea and Norwegian Sea in 2011 and Statoil's strong exploration performance, the company said.

On Friday, 4 May, Statoil signed a new cooperation agreement that will see Russian company Rosneft collaborate with the Norwegian company on prospective frontier areas in the Barents Sea north of Norway and Russia, and the Sea of Okhotsk in Russia. The agreement will give Rosneft a 33% stake in the Perseevsky licence in the Russian part of the Central Barents Sea and the Kashevarovsky, Lisyansky and Magadan-1 licences all in the Sea of Okhotsk.

The four offshore licences cover an area of more than 100,000 square kilometres, equalling approximately 200 blocks on the Norwegian continental shelf. KA

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