Statoil Delivers Mixed Q3 Results, Delays Production from Aasta Hansteen

Norway’s Statoil reported a third-quarter operating profit below market forecasts, adding it decided to delay production from the Aasta Hansteen and Mariner fields.

‘Statoil and its partners have decided to accept a delayed timetable for the commencement of production from the Aasta Hansteen and Mariner fields from 2017 to the second half of 2018. The updated cost estimate for Aasta Hansteen has been increased by around 9% since the plan for development and operation (PDO)’ reads a note released on Wednesday. 

The note confirms the previous declarations of Norway’s Oil and Energy Ministry, which said earlier this month that production from the Aasta Hansteen gas field could have been delayed.  

MIXED FINANCIAL FIGURES

Adjusted operating profit for the third quarter fell to 16.7 billion Norwegian crowns, representing a 46% decrease with respect to the same period in 2014. 

On the other hand, Statoil welcomed the results, explaining that it will increase production growth to above 3% for 2015. It reported that production from the Norwegian continental shelf (NCS) grew 10% in the third quarter of 2015 compared to last year, adjusted for divestments.

“We continue to reduce underlying operational costs and deliver a quarter with strong operational performance and solid results from marketing and trading. In the third quarter, our financial results continued to be affected by low liquids prices” president and CEO of Statoil Eldar Sætre commented.