North Sea player Canadian Natural Resources International has slashed crude lifting costs in the last year and seen a large rise in production.
The operator, who has just completed the decommissioning of the Murchison platform, now has crude oil operating costs at $28.86 (£17.38) /bbl – down by 39% compared to this time last year.
Globally the Calgary firm saw total revenues jump to £4.4billion in the first six months of the year.
This was compared to £2.8billion in the same period last year.
CNR’s half yearly earning before taxes amounted to £908million, an increase compared to last June’s loss of £572million.
The firm said it had “continued focus” on production enhancements, increased reliability and water flood optimization, and a drilling program in the North Sea.
This resulted in average production volumes increasing by 14% from this time last year.
The firm is now progressing the decommissioning and abandonment of the Ninian North platform, where production was stopped in May.
Well abandonment activities are currently underway.
Steve Laut, President of CNR said: “Our balanced and diverse portfolio delivered strong results in the second quarter of 2017.
“Funds flow from operations was significant at $1.7 billion, a strong result given the downward pressure on crude oil prices throughout the quarter.”
During the last quarter CNR also closed the acquisition of the Athabasca Oil Sands Project in Canada.
