Statoil’s operating income of increased a whopping 129% compared to Q2 of 2010 to 61 billion Norwegian kroner on sharply higher average prices for liquids and gas plus an 8.8 billion gain from divestment of 40% of Peregrino field in Brazil. The net income of 27.1 billion NOK was a record quarter for the company.
Production was in line with expectations. Gas off-take was seasonally lower. Statoil is ramping up new production capacity. Total equity production was 1,692 mboe per day (1,957). Operations on the Norwegian continental shelf were performing best, where as internationally Statoil had more challenges.
Statoil maintains 60% of Peregrino and says the opening is going very well. Statoil has been acquiring more leases in unconventional Eagle Ford shale play in Texas, USA. Statoil’s outlook remains the same as communicated on 20 June in Capital Markets day: Organic CAPEX of 16 billion USD, round about 3 billion dollar exploration activity and production slightly below 2010 levels.
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