Statoil's Position in Production from East Azeri Field Strengthened

Statoil's portfolio has been strengthened with the Norne K-template, Gimle, Fram East, Oseberg West Flank and Ringhorne East, while the international upstream position has been strengthened with production from In Amenas in Algeria, Dalia in Angola and East Azeri in Azerbaijan, Trend reports citing an announcement provided by the company.

The CEO points to the field development plans for GjГёa and Alve as good examples of the group's efforts in further developing the NCS. During 2006, nine new fields came on stream.

The Statoil group had a net income of NOK 40.6 billion (USD6.5bn) in 2006, compared to NOK 30.7 billion in 2005.

Net income for the fourth quarter of 2006 was NOK 12.0 billion, compared to NOK 8.5 billion for the same period of 2005. The increase in net income of NOK 3.5 billion from the fourth quarter of 2005 to the fourth quarter of 2006 was mainly due to higher financial income and lower income taxes.

The annual income for 2006 is the best ever for Statoil. We maintain strong earnings and competitive returns despite temporarily lower production overall. Through the acquisition of two deepwater portfolios in the Gulf of Mexico (GoM) from Anadarko and Plains and the subsequent divestment of the retail operation in Ireland we have further upgraded our portfolio says Helge Lund, chief executive.

Both the fourth quarter and the year as a whole have been characterised by high exploration activity, both on the Norwegian continental shelf (NCS) and internationally. At the same time we have also secured new exploration acreage, put new fields on stream and launched new field development plans that support the group's long-term growth ambition, says Mr Lund.

On 18 December it was announced that the boards of directors of Statoil and Hydro recommend a merger of Hydro's oil- and gas activities with Statoil. The processes that lead up to the necessary approvals of the merger are well under way. By combining the strengths from both companies, we will build a strong Norwegian based energy company, well positioned to succeed even better in the global competition, says Mr Lund.

The group is operator for 24 oil and gas fields on the Norwegian continental shelf and accounts for 60% of all Norwegian petroleum production. As operator for 23 seabed facilities, STATOIL is a leader in subsea production. STATOIL has substantial industrial activity and operate about 2,000 service stations in the Scandinavian countries, Poland, the Baltic states, Russia and Ireland. STATOIL is one of the world's largest sellers of crude oil and a substantial supplier of natural gas to the European market.

Total oil and gas production in 2006 was 1,135,000 barrels of oil equivalent (boe) per day, compared to 1,169,000 boe per day in 2005. In the fourth quarter of 2006 total oil and gas production amounted to 1,153,000 boe per day, compared to 1,232,000 boe per day in the fourth quarter of 2005. STATOIL'S guiding on production for 2006 at 1,140,000 boe per day was based on an oil price of USD 60 per bbl. A realised oil price of USD 60 per bbl would have resulted in an estimated production of 1,139,000 boe per day. The difference from reported production is due to production sharing agreements (PSA) effects.

STATOIL was among the first foreign companies to establish operations in Azerbaijan in 1992. Today, Azerbaijan is one of STATOIL's international core business areas, and the company is one of the largest investors in the country. The company's current upstream interests include Azeri-Chirag-Gunashli (8.6 per cent), Shah Deniz (25.5 per cent), and Alov-Araz-Sharg (15.0 per cent).

STATOIL is the Operator for the Azerbaijan Gas Supply Company, responsible for gas sales to Azerbaijan, Georgia and Turkey. Statoil is also the Commercial Operator of the South Caucasus Pipeline Company where Statoil owns 25.5%. The company holds an 8.71% share in the BTC pipeline for export of Azerbaijani and Caspian oil from Azerbaijan, via Georgia to Turkey.

Subscribe to Trend in Google News! Subscribe
Azerbaijani MoD confirms death of active duty military serviceman
Azerbaijani MoD confirms death of active duty military serviceman
Azerbaijan's patience not unlimited: on demarcation of borders and Armenia's attempts to play for time
Azerbaijan's patience not unlimited: on demarcation of borders and Armenia's attempts to play for time
Speaker of Montenegrin Parliament arrives on official visit to Azerbaijan (PHOTO)
Speaker of Montenegrin Parliament arrives on official visit to Azerbaijan (PHOTO)
Loading Bars
Latest
Tatneft to improve well flow rate in Turkmenistan’s oil fields
SOCAR Energy Ukraine reveals plans for 2022
Number of Turkish jobseekers in Uzbekistan revealed for 2021
Turkey sees increase in number of real estate purchased by Kazakh citizens in 2021
Number of Turkish jobseekers in Kazakhstan drops in 2021
SOCAR Energy Ukraine’s fuel sales returning to pre-crisis level
Easing of budget policy in Kazakhstan may weaken national currency - forecast
Georgia publishes COVID-19 data for January 17
New urgent talks needed with Azerbaijan if IGB is delayed – Bulgargaz
Azerbaijan shares data on volume of mortgage lending
Real estate prices in Azerbaijan expected to grow - expert
Iran eyes new money transfer methods in trade with Russia
Iran launches Car Tax Collection website
Goyal assures full support to IT firms in pushing growth, exports to $1 trn
India's vaccination drive completes 1 yr, Centre launches stamp
Iran's Energy Exchange announces products to be on sale on January 17
Azerbaijani currency rates for January 17
Weekly review of Azerbaijani oil market
Azerbaijan records increase in industrial production for 2021
India Inc expects 2022 to be growth wear
India’s tourism gets a huge push at Expo 2020 Dubai
Iranian currency rates for January 17
Khizi-Absheron wind farm to allow Azerbaijan to increase export of gas - expert
Iran shares data on power generation capacity of HPPs
Kazakh Gas Processing Plant opens tender to buy pumping unit
Investments in Azerbaijan's fixed capital down in 2021
Direct flights launched between Gabala and Moscow (PHOTO/VIDEO)
Weekly review of Azerbaijani currency market
Georgia shares data on tea imports, exports
Iran records decrease in dam water reserves
Iran unveils volume of olives harvested in country
IRICA shares data on Iran’s trade turnover with Azerbaijan
Australia recognizes Russia’s Sputnik V vaccine against COVID-19
Uzbekistan shares domestic COVID-19 data for January 16
Iran sees increase in transit of goods by trucks
Iran shares data on export-import process, movement of trucks via Astara border checkpoint
Azerbaijan sees increase in employment figures
Buy/sell operations at Iran Mercantile Exchange down
One year of vaccination drive: Near 158-cr jabs administered in India
India's 1st S-400 unit to be ready by April, 4 others by 2023
Israel increases state aid plan for COVID-hit airlines
Weekly review of Azerbaijani precious metals market
Weekly review of key events in Azerbaijan's ICT sector
Iran to save money following construction of new pipeline – NIORDC
Oil extends rally on supply tightness, Brent at more than 3-year high
Number of passenger planes flying over Iranian airspace increase
China launches new satellite
Azerbaijani MoD confirms death of active duty military serviceman
Israel registers 27,167 new COVID-19 cases, 1,785,551 in total
India's gold imports jump over two-fold to $38 bn in Apr-Dec 2021
Number of participants of illegal actions detained in Almaty increased to 2,6 thousand people
Turkey registers 54,100 daily COVID-19 cases
Eight of 10 most valued firms add Rs 2.34 trn in m-cap
N.Korea fires two ballistic missile from Pyongyang airport, S.Korea says
PM Narendra Modi calls for innovating for India, from India
Vessel traffic in Bosphorus restored
UK's Johnson plans to scrap COVID-19 self-isolation law
Jaishankar, Rajapaksa discuss energy projects, credit lines
Tsunami advisory canceled for Bay Area in U.S. California
Volkswagen to step up EV production in China
Let’s talk stress-free exams: PM Narendra Modi on ‘Pariksha Pe Charcha’
Djokovic flies out of Australia after losing court appeal
Vaccination added great strength to fight against Covid: Indian PM
Azerbaijan's patience not unlimited: on demarcation of borders and Armenia's attempts to play for time
French parliament approves vaccine pass
Speaker of Montenegrin Parliament arrives on official visit to Azerbaijan (PHOTO)
Erdogan visits Albania in first trip abroad in 2022
COVID-19: new 900 cases registered in Uzbekistan
$2.7b of goods exported to Persian Gulf regional countries: Iran's official
India’s stance on Nepal boundary well known, consistent & unambiguous: Embassy
Oil India exits US shale venture, sells 20% stake for $25 million
Construction of new road and tunnel near Georgian-Russian border will be completed by 2024
Dutch FMO reveals details of investing in Uzbekistan's economy, ties with banks
Nearly 150 civilians, over 10 law enforcers killed in riots in Almaty
Delhi weekend curfew, restrictions helped mitigate Covid spread: Health Minister
Over 1,300 weapons stolen during riots in Almaty
Gunmen kill more than 50 in Nigeria's northwest, residents say
Magnitude 5.3 earthquake shakes western Turkey's Gokceada
Iran’s Bahar Azadi gold coin price continues to fall
How women health workers took India’s Covid vaccination programme to remote corners
Azerbaijan’s self-sufficiency in wheat reaches 60%
Iran discloses volume of citrus fruits to be harvested in country
Azerbaijan shares data on number of vaccinated citizens
Azerbaijan confirms 808 more COVID-19 cases, 369 recoveries
PCR test requirement for flights continues
Azerbaijani Mortgage and Credit Guarantee Fund sets limits for preferential mortgage loans by banks in 2022
Azerbaijan discloses GDP growth for 2021
Weekly review of main events of Azerbaijani financial market
Child killed, 4 wounded in roadside bomb blast east of Afghan capital
Iran reveals COVID-19 data for January 16
Weekly review of main events in Azerbaijani transport sector
Iran eyes increase in trade turnover with Russia
Azerbaijani MFA comments on Armenian side’s allegations about alleged "pogroms"
Azerbaijan’s economy growing sustainably
Jordan army officer killed in shooting along border with Syria
Over 139 mln coronavirus vaccine shots given in Turkey to date
Iran's Energy Exchange announces products to be on sale on January 16
Azerbaijan is of great regional and global importance - American Jewish Committee
Azerbaijani Defense Ministry presents weekly review (VIDEO)
Georgia publishes COVID-19 data for January 16
All news