Norway’s Det norske saw its 2015 final quarter results dip as revenue fell on the back of the low oil price.
Its revenue for quarter four was $255million compared with $346 the previous year. Production in the period was 54,000 barrels of oil equivalent per day, realising an average oil price of $45 per barrel.
EBITDA amounted to $208 million in the quarter. Following an impairment of $192 (319) million in the quarter net loss for the quarter was $156million.
Chief executive Karl Johnny Hersvik said: “We acquired the Norwegian subsidiaries of Svenska Petroleum and Premier Oil during the fourth quarter, confirming our growth strategy at the Norwegian Continental Shelf.
“In addition, we implemented improvement measures to reduce expenditures across all disciplines to enable us to sanction new stand-alone projects at break-even prices below USD 40 per barrel.”
“The Ivar Aasen project is progressing well and remains on plan and budget for first oil in Q4 2016. Sail away for the topside from Singapore is scheduled for May and offshore lifting operations in July. The Johan Sverdrup project is moving forward according to plan and the Det norske sees potential for further cost reductions,” he added.
Recommended for you
