"During 2012, Statoil made good operational and strategic performance. We increased our production by 8% in 2012, in line with the target we announced in 2011, and financial results and cash flows were solid," writes chief executive Helge Lund in his introduction to the annual and sustainability report, Caspian Energy News (www.caspenergy.com) reports with reference to Statoil.
Statoil continued its strong exploration performance, adding more than 1.5 billion barrels in new resources in 2012, its best result in more than a decade. In addition the company secured access to new acreage that will be important for the long term development of Statoil.