ConocoPhillips Norge posted a net income of 3,977 million kroner in 2014.

‘2014 was a year with a high level of activity in the Norway business unit. We executed the development projects in The Greater Ekofisk Area. The Ekofisk South and Ekofisk 2/4 L projects were completed as planned. The Eldfisk II project took big steps towards completion, including installation and hook-up of the Eldfisk 2/7 S platform,’ says Trond-Erik Johansen, Europe President for ConocoPhillips. 

The company was in January this year awarded two operatorships in the North Sea as part of the APA round announced in 2014. The company is also evaluating opportunities in the South East Barents Sea as part of the upcoming 23rd licensing round.

Production
Net production in 2014 totaled 42.7 million barrels of oil equivalents. This corresponds to a daily average of 116,900 barrels. In comparison, the average production in 2013 was 118,500 barrels per day. The reduction is mainly due to natural decline as the fields age offset by added production from our development drilling programs.
 
Result
Total revenues in 2014 amounted to 24,981 million kroner. Income from operations was 12,902 million kroner, a decline of 3,445 million kroner compared with the 2013 accounting year. The decrease is mainly due to lower income from operations, driven by lower product prices. Income taxes totaled 8,507 million kroner in 2014, compared with 11,246 million kroner in 2013.

The years ahead
‘We have planned an extensive drilling program which involves many new wells on the Ekofisk and Eldfisk fields over the next years. In addition, we will continue to invest in value adding opportunities in and around our partner operated portfolio. This will help us maintain stable production in the coming years. Low oil and gas prices present a challenge to the industry and work to reduce costs is well under way. This effort will help strengthen our operations and contribute to our long-term strategy,’ says Trond-Erik Johansen. 

Click here to see the consolidated key figures for 2014

“This release contains forward-looking statements. We based the forward-looking statements on our current expectations, estimates and projections about ourselves and the industries in which we operate in general. We caution you these statements are not guarantees of future performance as they involve assumptions that, while made in good faith, may prove to be incorrect, and involve risks and uncertainties we cannot predict. In addition, we based many of these forward-looking statements on assumptions about future events that may prove to be inaccurate. Accordingly, our actual outcomes and results may differ materially from what we have expressed or forecast in the forward-looking statements. Economic, business, competitive and regulatory factors that may affect ConocoPhillips’ business are set forth in ConocoPhillips’ filings with the Securities and Exchange Commission, which may be accessed at the SEC’s website at www.sec.gov.”