Danish DONG Energy has posted net income for 2007 of 3.26 billion Danish kroner ($670 million), a 1.7 billion kroner ($350 million) drop over 2006 after less oil production and the buy-up of electricity and ConocoPhillips assets.

Company exploration and production revenues in the fourth quarter fell-off by 323 million kroner to 1.67 billion kroner ($340 million). On the year, company E&P turnover shrunk by 667 million kroner to 4.87 billion kroner ($1 billion).

The company paid 1.75 billion kroner for ConocoPhillips’s Danish enterprise in 2007, and the deal increased DONG’s stake in the Herje oilfield to 50 percent. The company and its Herje partners sill o submit a plan for the field’s development and operation this a production boost within five years.

Danish oil and gas production is falling gas, and DONG oil production fell away by 2.5 million barrels in the year to 11.3 MMbbls of oil equivalent. Company earnings from oil and gas were less by 893 million kroner, ending at 1.54 billion kroner for the year.

Tags: DONG Energy