Norwegian oil and gas company Statoil has released its 2014 results, posting a 1.9% decrease in total revenues and a 44% fall in net income.
The company's equity oil and gas production remained broadly stable in 2014 at 1,927 mboe/d (1,940 mboe/d in 2013), while proved oil and gas reserves dipped from 5,600 mboe to 5,359 mboe in 2014. In 2014, the company produced 1,127 mboe/d of oil (+1% from 2013), including 588 mboe/d in Norway (-0.5%) and 538 mboe/d abroad (+2.7%). Gas production dipped by 2.9% to 801 mboe/d, with Norwegian production declining by 4.9% to 595 mboe/d and international production rising by 2.5% to 205 mboe/d. Crude oil sales remained stable (811 mbl in 2014 from 809 mbl in 2013), while gas sales declined (-2% for Statoil entitlement at 43.1 bcm and -34% for sales to third parties, mainly in the United States, to 8.1 bcm). Statoil was hit by lower gas sales and by the fall in crude oil prices.
In 2014, the group invested NOK 125.1bn (€14.5bn, +7% compared to 2013), mainly in development and production overseas (49% of total investments in 2014 and +16% in 2014).