Statoil Net Rises as Reserves Replaced for First Year in Six
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Statoil ASA, Norway’s largest oil producer, said fourth-quarter profit more than doubled as the explorer found more oil and gas than it produced for the first time since 2005.
New resources from exploration climbed above 1.1 billion barrels of oil equivalent in 2011, a so-called reserve replacement ratio of 117 percent compared with about 300,000 barrels in 2010, Chief Executive Officer Helge Lund said at a press conference today.