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ENI hails 'big success' in Statoil gas deal

ENI chief executive Paolo Scaroni on Friday hailed an initial deal with Norway's Statoil to revise gas supply contracts as "a big success", as the Italian energy major seeks to lower purchasing costs. "I feel calmer over the chances of keeping the promise made to the market of bringing all gas supply contracts to market prices by 2016," Scaroni was quoted by the Il Sole 24 Ore business daily as saying. Arbitration proceedings initiated by ENI last year against Statoil over the gas contracts will now be suspended to allow the two sides to formulate a definitive agreement.

ENI hails 'big success' in Statoil gas deal

ENI chief executive Paolo Scaroni on Friday hailed an initial deal with Norway's Statoil to revise gas supply contracts as "a big success", as the Italian energy major seeks to lower purchasing costs. "I feel calmer over the chances of keeping the promise made to the market of bringing all gas supply contracts to market prices by 2016," Scaroni was quoted by the Il Sole 24 Ore business daily as saying. Arbitration proceedings initiated by ENI last year against Statoil over the gas contracts will now be suspended to allow the two sides to formulate a definitive agreement.

Statoil says exploration drilling to begin off Newfoundland in summer

ST. JOHN'S, N.L. - Norwegian energy firm Statoil says it will begin exploration drilling off Newfoundland later this year in an effort to determine whether to develop an offshore oilfield believed to hold up to 600 million barrels of recoverable crude. The company said Friday that the drilling will likely take place between July and September and span 18 months in the Flemish Pass Basin.

Statoil reports profit fall, delays 2020 production target

State-backed Norwegian oil giant Statoil reported an annual profit plunge on Friday, postponed its long-term production target and cut investment. Dragged back by declining production and lower prices, annual net profit fell by 42 percent to 39.9 billion kroner (4.7 billion euros, $6.4 billion). That compared with 68.9 billion kroner in 2012,. And revenue dropped by 12 percent to 619.4 billion kroner. Energy is a mainstay of the Norwegian economy, of high living standards and of a huge sovereign wealth fund.

Statoil Canada president: projects must compete for investment amid rising costs

CALGARY - The president of Statoil Canada says doing business with US$100-a-barrel crude nowadays is just as difficult as $30 oil was several years back. "Today, $100 a barrel is the same as $30," Stale Tungesvik told reporters during a briefing Monday, adding that rising costs are making companies picky about the projects they take on. Tungesvik says producers are chasing after increasingly "demanding" barrels — in the oilsands, deep offshore and in complex shale reservoirs.

Norway's Statoil makes natural gas discovery near Tanzania

OSLO, Dec. 6 (Xinhua) -- The Norwegian energy producer Statoil announced on Friday its fifth offshore natural gas discovery on the sea off Tanzania. In the Mronge-1 well, 56.6 billion cubic meters to 84.9 billion cubic meters of natural gas was found, according to a press release issued by the Norwegian oil company. The Statoil-operated partnership started its new drilling campaign in September 2013.

Statoil announces another major gas discovery off Tanzania

The Norwegian oil company Statoil announced on Friday the discovery of a major gas deposit with its US partner ExxonMobil off the coast of Tanzania. With an estimated 360 million to 540 million barrels of oil equivalent (boe), the find -- the fifth on the same bloc -- brings the size of the discovery to between 3.08 and 3.6 billion boe, the company said in a statement. Tanzania is one of the biggest growth regions for Statoil which faces falling reserves in the North Sea. The company has a 65-percent stake in the bloc, along with ExxonMobil which has 35 percent.

Statoil surprises with strong third-quarter profits

State-backed Norwegian oil giant Statoil turned in surprisingly strong profits for the third-quarter on Wednesday. The group announced a net figure of 14.3 billion kroner (1.76 billion euro, $2.42 billion). The result, about the same as a year ago, compares with forecasts by analysts polled by Dow Jones newswires who had broadly expected a net profit of 11.67 billion kroner. The company said in a statement that the quarterly results had benefited from a $2.65-billion transaction with OMV.

Statoil sees Q3 earnings fall 6 pct on tighter natural gas prices, higher expenses

Norway's Statoil saw third-quarter earnings sink 6 per cent compared to a year ago due to falling natural gas prices, higher expenses, and charges on refineries, the oil giant said Wednesday. The company said earnings for the three-month period amounted to 13.7 billion kronor ($2.3 billion), helped by a $2.6 billion sale in four North Sea oil fields, while total sales were nearly 170 billion kronor ($28.8 billion), a 2 per cent increase compared with the third quarter last year.

Statoil to build new platform to squeeze more from North Sea field

OSLO (Reuters) - Norway's Statoil <STL.OL> plans to build a new platform at its Snorre field in the North Sea to extract another 300 million barrels of oil and extend the project's lifetime to 2040, it said on Monday. The 40 billion crown ($6.79 billion) project has been in doubt since the government decided in May to increase taxes but Statoil has managed to increase recoverable reserves and its chief partner in the project, state holding firm Petoro, has also lobbied hard for the new platform.
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