Statoil ASA, (formerly Den norske stats oljeselskap), Norway's oil and gas exploration, production, transport, refining, and marketing giant, delivered fourth quarter operating profits of 12.7bn nkr (€1.442bn) compared to 11.3 bn nkr (€1.282bn) a year earlier, amid record oil and gas output and high prices.

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.

Statoil, Norway's biggest oil and gas firm, has confirmed that its chief executive Olav Fjell has resigned because of a police probe into possible corruption in the group's dealings with Iran.