Norwegian energy giant Statoil today said it had tripled its profits in the first quarter on a 12-month comparison because of rising oil prices and increased production.
Statoil posted a profit of 11.1 billion Norwegian kroner (€1.42 billion) in the first three months of the year compared to 3.7 billion kroner in the same quarter last year.
'The quarterly result was mainly affected by a 48% increase in liquids prices measured in norwegian kroner and a 35% decrease in gas prices,' the company said.
Statoil also reported a 1% rise in production over a 12-month period to 2.102 million barrels per day.
