Norwegian energy company Equinor announced on Wednesday a rise in its profits during the second quarter due to higher oil and gas prices.

The company's Chief Executive Officer Anders Opedal said: 'Strong production in the second quarter enabled us to take advantage of higher prices, contributing to strong cash flows and financial results.'

Net operating income rose to $12.99 billion, compared to $5.72 billion last year.

Net profit rose to $4.84 billion, or $1.99 per share, compared to $1.31 billion or $0.50 per share last year.

Revenue, after accounting for variations, rose to $3.22 billion or $1.33 per share, compared to $1.67 billion or $0.64 per share last year.

Equinor plans to launch the third tranche of its share buyback program worth $3 billion to repurchase shares worth up to 1.125 million, between July 23 and October 26.