The growing share of natural gas in European oil firms’ production is having a mixed impact on their results, with even their LNG fortunes diverging. Norway’s state-controlled Statoil is suffering from its reliance on domestic offshore production. Statoil’s secondquarter profit fell by 84pc year on year, partly reflecting gains a year earlier from asset sales and taxes paid in respect of 2012 profits, together with lower oil prices and higher depreciation levels.
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