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Shareholder of ACG and BTC sees big jump in profit in H1 2016

27 July 2016 13:00 (UTC +04:00)

Baku – APA-Economics. Norwegian oil and gas company Statoil ASA announced on Wednesday that its net profit in the first half of 2016 amounted to 309 million dollars compared to a loss of $ 3.704 billion dollars in the same period of 2015.

In the second quarter of 2016, Statoil received a loss of $302 million dollars compared to a profit of 866 million dollars in the same period of 2015.

Net operating income was USD 180 million in the second quarter compared to USD 3,635 million in the same period of 2015.

A significant reduction in Statoil’s financial performance was mainly due to falling prices of hydrocarbons, but the company was able to partially compensate for the decline in performance due to cost optimization.

According to analysts, positive results of the first quarter of 2016 seem not to be enough for company to complete the year with a profit.

To stabilize its financial condition, Statoil has reduced investment spending and frozen several projects.

Statoil has a 8.56% share in the oil-producing Azeri-Chiraq-Guneshli (ACG) field and a 8.71% share in the Baku-Tbilis-Ceyhan (BTC) project.