Oil companies profits surge

Some of the big oil companies have seen their third quarter profits soar as oil prices shot up over the last year. Statoil’s third quarter income was NOK 39.3 billion […]

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By Tom Gibson

Some of the big oil companies have seen their third quarter profits soar as oil prices shot up over the last year.

Statoil’s third quarter income was NOK 39.3 billion (£4.52bn), a 39% increase compared to NOK 28.2 billion in the third quarter of 2010- an increase the Norwegian oil giants attribute to their Aldous discovery on the Norwegian Continental Shelf.

Shell announced a profit increase of over 106%, at $7.2 billion (£4.48bn) compared with $3.5 billion the same quarter a year ago. Higher oil prices have increased those of gas and Shell produces almost as much gas as it does oil.

The price of a barrel of oil has risen from around $25 a decade ago to around $100 today.