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Statoil Q2 adjusted earnings $3 billion

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Staff Writer | July 28, 2017
Statoil reported adjusted earnings for the second quarter of $3 billion, up from the $913 million reported in the same period last year.
Statoil   Strong operational performance
The company attributed the gains to strong operational performance, improved production and higher prices for oil and natural gas.

Equity production for the company was about 2 percent higher than second quarter 2016, and it said it expected production growth of around 5 percent for the year.

Production started at a field in the Norwegian waters of the North Sea that holds an estimated 11 million barrels of oil equivalent, Statoil announced.

The Norwegian energy company said its Byrding field started production on time and under budget. The field is located north of the Troll field in the North Sea and investments there were reduced by about 70 percent in part because of assets nearby.

"Good utilization of existing infrastructure has resulted in a cost-effective development that will add profitable resources to the Troll field," Gunnar Nakken, a senior vice president for regional operations, said in a statement.