On Wednesday Statoil ASA stated that its net profit for the third quarter has more than doubled up due to higher gas and oil prices and reduced taxes. The company has brought down its production forecast as it has to undergo maintenance works in many of its fields.

Following the defeat of a shareholder motion that demanded the Norwegian energy firm to leave Alberta's oilsands by Statoil ASA, this was the topic most highlighted at the Company's annual meeting held on Wednesday.

It has been reported that Statoil ASA, the oil giant primarily based in Norway, is currently considering a delay in some natural - gas production in Norway till the year 2012.