Spanish oil firm Repsol said today that production from North Sea assets had boosted its third quarter profits.
Repsol’s pre-tax profits for the quarter totalled £667million pounds, up 8.7% year-on-year.
Sales came to £8.8billion, a 12% increase on last year.
Repsol’s adjusted net income from its upstream division was £132million, compared to a loss of £25million in Q3 2016.
Higher crude prices helped Repsol, as did a 3% increase in upstream production to 693,000 barrels of oil equivalent per day.
Repsol put the increase down to the resumption of production in Libya and the start-up of the Flyndre, Shaw and Cayley fields in the North Sea.
Production from the Maersk Oil-operated Flyndre field, which straddles the UK and Norwegian North Sea, started in March.
The Repsol-Sinopec Resources UK (RSRUK) joint venture holds a stake in Flyndre.
Shaw and Cayley are part of the Montrose Redevelopment Area, a sub-£2billion project expected to prolong the lifespan of the area’s existing fields beyond 2030.