LNG

Feb 7 (LNGJ) - Statoil, the Norwegian oil and gas company and operator of Western Europe’s only baseload LNG production plant at Hammerfest, reported adjusted fourth-quarter overall earnings of $4 billion and $1.3Bln after tax. Statoil said the earnings were based on a solid operational performance with record production in the final three months of 2017. “In a recovering market, we delivered strong earnings and cash flow from all business segments,” said Chief Executive and President Eldar Saetre. At an average oil price of around $54 per barrel, Statoil said it generated 3.1Bln in free cash flow in 2017 and strengthened its financial position.