Statoil’s 4Q 2012 net profit plunges

Oslo: Norway’s Statoil’s net profit for the fourth quarter of 2012 plunged by nearly 50 per cent year-on-year to $2.36 billion (€1.75 billion), according to results released by the state-owned oil and gas giant on Thursday.

Net profit for the last quarter of 2012 stood at 13 billion Norwegian kroner, compared to 25.5 billion for fourth quarter 2011.

The company said, however, that it was still on track to its goal of producing more than 2.5 million barrels of oil equivalent per day in 2020.