Statoil maintains its production targets

STATOIL, the Norwegian oil company being investigated on suspicion of paying bribes in Iran, said third-quarter profit rose a more-than-expected 32% because of higher oil prices and falling production costs.

Net income advanced to 4.28 billion kroner ($608 million), or 1.98 kroner a share, from 3.25 billion kroner, or 1.50 kroner, a year earlier, said Inge Hansen, interim chief executive of Statoil, Norway’s largest company, at a presentation in Oslo.

Oil companies are benefiting from crude prices that averaged $28.17 a barrel in the quarter, 5% higher than in the year-earlier period. Mr Hansen is seeking to rebuild investors’ trust as police probe allegations it used a $15 million consulting contract to pay bribes and win business in Iran.