Even though Statoil delivered a better result than expected by analysts for the second quarter, the state-owned Norwegian oil company will continue its efforts to reduce costs, increase efficiency and improve investment returns.

"Reduced underlying operational expenses both on the Norwegian continental shelf (NCS) and in our international operations, as well as reduced capital expenditures, demonstrate that our initiatives are effective. In June we announced adjustments to the company’s structure and operating model to further strengthen our competitiveness," says CEO Eldar Sætre in relation to the group's interim report on Tuesday.