LNG

April 25 (LNGJ) - Norwegian energy company Statoil, operator of Europe’s only baseload LNG production plant at Hammerfest in northern Norway, reported increased first-quarter earnings of $4.4 billion and $1.5Bln after tax. Net operating income was $4.96Bln compared with $4.25Bln in the first quarter of 2017. “The increase was primarily due to higher liquids and gas prices and increased volumes of liquids sold, partially offset by the reduced value of derivatives and higher operational costs,” said Statoil. First-quarter natural gas sales volumes amounted to 15.5 billion cubic metres, little changed from the first quarter of 2017. Statoil is still on course to change its name to Equinor, marking equality and equilibrium in “equi” and with “nor”, signalling a company proud of its Norwegian origin. The new name will be proposed to shareholders at a meeting on May 15. The Norwegian government, as majority shareholder, supports the proposal and will vote in favour of the resolution.