Price surge pays off for Northern
Netherlands-focused producer Northern Petroleum said it saw its net attributable output decline last year, but revenue from producing fields was boosted by higher oil prices.
For 2008, Northern's net attributable production was about 120,000 barrels of oil equivalent, compared with 160000 barrels of oil equivalent the year before.
Revenue from the Waalwijk and P12 gas fields, which account for majority of the company's production, rose 11% to about €6 million ($7.89 million).
"We stand well positioned to deliver on our primary near-term objective of bringing our Dutch developments onstream, whilst looking forward with anticipation to exploration success," the company said in a statement.
The company said it had €34.9 million of net cash as of 31 December 2008 and deferred receivable of €8.5 million with the next instalment of €4.5 million due on 30 April.
