The firm said that the decrease in net income was mainly due to an increase in operating and administrative expenses, primarily related to the restructuring costs and other costs arising from the Statoil and Hydro merger, amounting to NOK10.7 billion before tax.
Net operating income for the fourth quarter of 2007 was NOK30.8 billion, compared to NOK35.2 billion in the fourth quarter of 2006. In 2007, net operating income was NOK137.2 billion, compared to NOK166.2 billion in 2006.
Total oil and gas entitlement production in the fourth quarter of 2007 was 1.82 million barrels of oil equivalents (mmboe) per day. The annual production for 2007 was 629mmboe, compared to 623mmboe in 2006.
Proved reserves at the end of 2007 were six billion barrels of oil equivalent (bboe), compared to 6.1bboe at the end of 2006, a decrease of 91mmboe. In 2007, 542mmboe were added through revisions, extensions and discoveries, compared to additions of 383mmboe in 2006, also through revisions, extensions and discoveries.
