Equinor has reported an increase in net income for the fourth quarter of 2018 to $3.4bn, representing a rise from $2.6bn the previous year.

The company’s adjusted earnings after tax stood at $1.5bn, higher than $1.3bn in 2017. IFRS net operating income during the period was $6.7bn compared with $5.2bn in the same period of 2017.

For the full year 2018, IFRS net income was $7.5bn, up from $4.6bn in 2017.

Seven new projects sanctioned by Equinor last year are expected to deliver more than one billion barrels of resources to the company at an average breakeven price of $14.

“Digitalisation and innovation will support further enhanced safety, increased value creation and reduced emissions.”

During the fourth quarter, production commenced at Aasta Hansteen, Oseberg Vestflanken and Big Foot.

Equinor delivered total equity production of 2,170mboe/d, an increase from 2,134mboe/d in the same period in 2017.

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As of year-end 2018, Equinor had completed 24 exploration wells and made nine commercial discoveries.

Equinor president and CEO Eldar Sætre said: “In 2019, we will start production from Johan Sverdrup, which is expected to deliver a total production close to 300,000 barrels per day to Equinor at plateau, with a breakeven price below 20 dollars per barrel.

“Digitalisation and innovation will support further enhanced safety, increased value creation and reduced emissions.”

Equinor’s portfolio of projects that are set to become operational in 2025 has 30% lower CO2 emissions a barrel compared with the existing producing portfolio.

For this year, the company expects to raise its organic Capex to $11bn from $9.9bn last year.

Equinor also plans to boost its investment on exploration activity to around $1.7bn from $1.4bn.