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BRIEF-Statoil finds oil in Gulf of Mexico -CEO
October 27, 2011 / 6:57 AM / 6 years ago

BRIEF-Statoil finds oil in Gulf of Mexico -CEO

OSLO, Oct 27 (Reuters) - Statoil Chief Executive Helge Lund told a news conference after the firm presented its third-quarter results:

- Statoil has made an oil discovery in the Gulf of Mexico at the Logan well, too early to say how big it is

- Statoil’s exploration activity in the Gulf of Mexico is more or less back to its pre-BP oil spill level

- New giant discovery in the North Sea eases decline of expected Norwegian production volumes

- Delay in the start-up of the Skarv field, operated by BP , will affect Statoil production by some 15,000 boed in 2011

- It is tough to lift profit margins in refinery business, both for Statoil and the oil industry

- Fears high costs in Norwegian oil industry (Reporting by Joachim Dagenborg)

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