Norwegian oil firm Statoil today bucked declining production trends, posting a 14% increase in its output in the third quarter.
The part state-owned firm also said its pre-tax profits jumped up 39% to £4.4billion in the three months to the end of September, compared with the same period in 2010.
New start-ups, ramp-up of output from existing fields, increased ownership of other fields and extensive maintenance in the previous year’s third quarter drove the higher production, the group added.
Boosted by higher oil and gas prices, the firm’s revenue jumped 32% to £18.9billion.
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