Norwegian gas and oil giant Statoil posted a 4.35 billion kroner (622 million U.S. dollars/515 million euros) net income for the second quarter of 2004, according to company figures released on Monday. The result was in line with the 4.39 billion kroner net income reported by the state-controlled concern for the corresponding business period in 2003. Profit before taxes and financial items was 14.2 billion kroner (2.03 billion U.S. dollars/1.68 billion euros), a 38 per-cent increase on the 10.2 billion kroner reported for the second quarter of 2003. "High oil prices and good output at a continued low production cost per barrel are among the main contributors," acting chief executive Erling Overland said about the second quarter result. Helge Lund is to replace Overland as CEO and president on August 15. During the second quarter, Statoil's average daily production of oil and gas was 1,073,000 barrels of oil equivalent per day, compared to 966,000 barrels of oil during the same business quarter last year. The Norwegian state remains the Stavanger-based concern's majority owner even though it reduced its stake in Statoil during July from 81.3 per cent to 76.3 per cent.
