Norwegian oil company Statoil has reported a steady net profit for 2003 as oil and gas production reached record levels towards the end of the year.
Net profit came in at €1.9 billion, only fractionally lower than in 2002.
'Greater production than expected, higher oil and gas prices and good results from downstream operations strengthened our income before financial items,' acting chief executive Inge Hansen said in a statement.
But a less favourable currency effect took the bottom line to just below 2002's level. Statoil sales rose 2.6% while operating profit increased 13.5%.
Oil and gas production averaged 1.1 million barrels of oil equivalent per day over the year 2003, but rose above 1.2 million in the fourth quarter alone.
* Statoil said its Irish operations, which employs over 1,200 people, continued to perform ahead of group expectations.
During the last few years, over €100m has been invested in the development of Statoil's country-wide network of Fareplay forecourt convenience stores. The company said it is now looking to complete the roll-out of a 'Next generation Fareplay' product.
