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.

The energy major based in Norway made a net profit of thirteen decimal eight billion Norwegian kroner which is equivalent of two decimal three six billion dollars. It s profit in the third quarter of 2009 was in the tune of six decimal six billion kroner.

It saw a rise of four percent in its revenue. The amount reached one hundred and twenty seven decimal four billion kroner from one hundred and twenty three decimal one billion kroner.

However the firm has stated further that its production declined by seventeen percent during the quarter. It has brought down its forecast due to maintenance costs and weaker gas markets.

The company has expectations of producing one decimal nine million barrels per day in the year of 2010 from the previously estimated figure of one decimal nine three to one decimal nine eight million barrels per day.

Due to the company's planned turnaround the production will be hampered in the fourth quarter by around zero decimal one five million barrels per day.

Helge Lund, the chief executive of the company stated that due to planned but heavy maintenance activities all through the third quarter both oil and gas production of the firm got affected.

For the maintenance issues the net operating income of the firm saw a decline and amounted to twenty six decimal seven billion kroner from thirty one decimal one billion kroner which was there one year earlier.

The oil and gas production of the firm also went down to one decimal five five million barrels per day from one decimal eight seven million barrel of one year earlier.