Norwegian energy group Statoil on Wednesday said lower oil and gas prices contributed to a third quarter net loss of 302 million dollars and announced it would cut investments and exploration expenditures.
The state-owned group posted a net profit of 866 million dollars in the corresponding period of 2015. That result was affected by the gains from sales of assets in Azerbaijan to Malaysian oil and gas company Petronas.
Revenues in the quarter were 10.9 billion dollars, down 37 per cent year-on-year, the Stavanger-based company said.
It said its average daily oil and gas output was 1.9 million barrels of oil equivalent per day during the quarter, up 5 per cent year-on-year.
Statoil said it planned to trim investments this year by 1 billion dollars, to 12 billion dollars while exploration expenditure would be cut by 200 million dollars to 1.8 billion dollars.