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Statoil's earnings up

Offshore

Offshore staff

OSLO, Norway -- Statoil's 3Q financial statement shows continued growth. Gross income for 2006 totaled NOK30.1 billion, up from NOK23.9 billion for 3Q 2005. The NOK6.2 billion increase resulted primarily from a 13% increase in the average oil price and a 33% increase in the average price of gas. Net income, however, showed a NOK1 million loss. Earnings were offset by effects from financial items and taxes.

"Statoil continues to show high earnings despite temporarily lower production on the Norwegian continental shelf (NCS)," Chief Executive Helge Lund said. "High exploration activity on the Norwegian continental shelf, as well as in our international business, characterizes Statoil's third quarter. We are continuing to add resources and are bringing new assets into production."

Lund called particular attention to the strengthening of Statoil's deepwater position in the US Gulf of Mexico. This includes both the successful Jack well test as well as the signing of the agreement between Statoil and Plains Exploration & Production, pursuant to which Statoil will acquire PXP's working interest in two GoM deepwater discoveries and one exploration prospect.