Statoil has flagged up delays in production startup at its Aasta Hansteen (SEN, 31/18) Field off Norway and the U.K. North Sea Mariner (32/12) Field from 2017 to second-half 2018.

Announcing the company’s third-quarter results, Statoil's President and CEO Eldar Sætre said that while cost estimates for the development of the Johan Sverdrup (32/15) project had come down by 7%, costs for Mariner and Aasta Hansteen had spiked.

“However, Statoil and its partners have decided to accept a delayed timetable for the commencement of production from the Aasta Hansteen and Mariner fields from 2017 to the second half of 2018. The updated cost estimate for Aasta Hansteen has been increased by around 9% since the plan for development and operation (PDO),” he added.

“In addition, a currency effect of NOK 2.4 billion [US$280 million] brings the total cost estimate to around NOK 37 billion [US$4.3 billion]. For Mariner, the cost increase is slightly above 10% as compared to the original plan.”

Meanwhile, Statoil said adjusted earnings were US$1.9 billion in the third quarter compared to US$3.6 billion in the same period in 2014 on the back of lower oil prices.

Adjusted earnings after tax were US$432 million, compared to US$1 billion in the same period last year.

Statoil’s net operating income according to International Financial Reporting Standards for the quarter was US$852 million, compared to US$1.9 billion in the same period in 2014.

Statoil delivered production of 1,909 MMboe/d in the third quarter, up 4% compared to the same period in 2014. The underlying production growth, after adjusting for divestments, was 7% compared to third-quarter 2014.

The production from the Norwegian Continental Shelf grew 10% in third-quarter 2015 compared to 2014.

Equity production outside of Norway was 735 MMboe/d, up 4% compared to the same period last year, adjusted for divestments.

Offshore