Statoil Results Hit by Terrorist Attack

Norwegian energy major Statoil has reported a significant drop in its first-quarter results for 2013, partly attributable to January's terrorist attack in Algeria. This includes a 29% fall in profits.

 The company said in a press release that the figures were affected by lower production and reduced prices. First quarter operating profit was Norwegian kronor 38 billion (€5 bn), compared to nearly NOK 60bn a year ago.

Statoil indicated the shock of the attack on the gas plant it runs, along with BP and Sonatrach, at In Amenas, eastern Algeria, which claimed the lives of five of its staff among dozens of victims.

The company "has initiated an investigation to determine the relevant chain of events before, during and after the In Amenas terrorist attack in order to enable the company to further improve within the areas of security, risk-assessment and emergency preparedness," its statement said.

Among other negatives, Statoil’s Snohvit gas field in the Barents Sea was shut from the end of January to the end of April. The company also said output was affected at its Peregrino field in Brazil.

The Norwegian government owns just over two-thirds of Statoil.