Statoil reports strong growth in Q4 - Norway Exports

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Statoil reports strong growth in Q4

Norwegian energy producer Statoil has reported a fourth quarter 2011 net operating income of NOK 60.7 billion, a 42% increase compared to NOK 42.8 billion in the fourth quarter of 2010.

In 2011, net operating income was NOK 211.8 billion compared to NOK 137.3 billion in 2010.

"Statoil delivered record financial results, further improved safety and made important strategic progress in 2011," says Helge Lund, Statoil's president and CEO.

The production for 2011 was in line with expectations. During 2011 Statoil completed 41 exploration wells, 22 of which were discoveries.

"We delivered strong exploration results in 2011, adding more than 1 billion barrels to Statoil's resource base. Making high impact discoveries in the mature North Sea as well as in the Barents Sea reaffirms the potential of the Norwegian continental shelf," says Lund.

Statoil achieved a reserve replacement ratio (RRR) of 1.17 in 2011, of which the organic RRR was above 1.0. The RRR for oil was 1.45, including the effect of sales and purchases.

"We have in recent years consistently strengthened our resource base, bringing us to a new level. Our current resource base supports a continued strong reserve replacement going forward," says Lund.

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