Eldar Saetre News

(Image: Equinor)

Equinor Explores Floating Wind Turbines to Power N.Sea Oilfields

the long term, it is essential that we do our utmost to further reduce the carbon footprint from our activities," Executive Vice President Arne Sigve Nylund said.Formerly known as Statoil, Equinor earlier this year changed its name to underscore a push into renewable energy under Chief Executive Eldar Saetre, although oil and gas will remain the company's dominant business.The company's first floating offshore wind farm began operating off Scotland last year, supplying electricity to the onshore market. Equinor has also announced plans for bottom-fixed offshore wind projects in the United

© Bo B. Randulff, Roar LIndefjeld / Equinor

Equinor Q2 Core Earnings Lag Forecasts

Hans Jakob Hegge said higher operational costs were expected at some Norwegian fields and from suppliers in the United States, but he said Equinor still had "good control on costs"."This underlines the importance of continued cost focus across the organisation," Chief Executive Eldar Saetre said in a statement.The Norwegian company has maintained its guidance on capital spending and production growth, but it now sees a bigger impact on its full-year production due to higher maintenance.Equinor expected maintenance work to pull down output by 35,000 barrels of oil equivalent per day

SOCAR Inks Deals for Caspian Fields with Equinor

.The two companies also signed a product-sharing agreement for Ashrafi, Dan-Ulduzu and Aypara exploration area."The agreements signed today represent a natural next step in the region. This will strengthen our position in a prolific basin and develop growth options," Equinor Chief Executive Eldar Saetre said in a statement.To operate the licences, Equinor and SOCAR will form a 50-50 joint operating company. A final investment decision on field development will be taken following appraisal and engineering work.(Reporting by Nailia Bagirova; writing by Maria Kiselyova; additional reporting by Oslo

Photo: Jan Arne Wold / Woldcam

Statoil to Become Equinor, Dropping 'Oil'

has come under increased scrutiny after the Paris climate deal in 2016."A name with 'oil' as a component would increasingly be a disadvantage. None of our competitors has that. It served us really well for 50 years, I don't think it will be the best name for the next 50 years," Eldar Saetre, Statoil's chief executive, told Reuters.The new name was meant to arouse curiosity among young people so they see the other aspects of Statoil, including renewable energy, he added.Technology students became less interested in working for oil firms after oil prices crashed in 2014 and renewable

Margareth Øvrum (Photo: Ole Jørgen Bratland / Statoil)

Changes in Statoil's Top Deck

and production division, who was once chief of staff to BP CEO Bob Dudley.Tim Dodson remains Statoil's head of exploration."The changes in top management and our business area structure will strengthen our ability to deliver ... as we develop as a broad energy company", chief executive Eldar Saetre said in a statement.In March, Statoil said it was changing its name to Equinor to reflect its move to become a broad energy company.(Reporting by Joachim Dagenborg Editing by Matthew Mpoke Bigg and Jane Merriman

Dudgeon offshore wind farm (Photo: Ole Jørgen Bratland / Statoil)

Statoil to Rebrand as Equinor

;equi", the starting point for words like equal, equality and equilibrium, and "nor" for Norway, the company said.   "Reflecting on the global energy transition and how we are developing as a broad energy company, it has become natural to change our name," Statoil CEO Eldar Saetre said in a statement.   Rebranding would cost up to 250 million Norwegian crowns ($32.5 million), he later told a news conference.   Statoil, which is headquartered in the port city and oil industry hub of Stavanger, has come to symbolise Norway's rise in the past half-century to

Photo: Statoil

If Subsidized, Statoil Will Eye Norway's Offshore Wind

Norway's Statoil may take part in the country's first tender to build floating offshore wind turbines, as long as there are sufficient long-term subsidies, Chief Executive Eldar Saetre told Reuters on Tuesday. In December, Norway's Ministry of Petroleum and Energy said it planned to shortly open one or two offshore regions for construction of floating wind generation "If there are (offshore wind) opportunities in Norway being opened with a relevant incentive structure that makes it profitable, that's obviously something that we will assess," Saetre said on the sidelines of a conference.

CEO Eldar Sætre Photo Statoil

Statoil Robust Performance Continues

and exploration guidance “The financial results were affected by low oil and gas prices, extensive planned maintenance and expensed exploration wells from previous periods. We delivered solid operational performance with strong cost improvements and progress on project execution”, says Eldar Sætre, President and CEO of Statoil ASA. “Strict prioritisation and continued good results from our improvement programme allow us to further lower our 2016 capex and exploration guidance”, says Sætre. “Our financial position remains robust with a positive net

Quality in planning, project execution and improvement work increases the value of Johan Sverdrup

Statoil Increasing Value of Johan Sverdrup

between Statoil, its partners and suppliers. We are strongly reducing investment costs, and we are increasing the process capacity, resource estimate and value of the field. Johan Sverdrup is a world-class project, and we want to create high value for the owners and society for generations,” says Eldar Sætre, CEO of Statoil. The improvements for phase 1 have been achieved by higher drilling and well efficiency and high quality in project planning and execution. The Johan Sverdrup project will be developed in several phases, and a comprehensive effort has been made to develop the concept

Illustration from the Amrumbank West Wind Farm. (Image: E.ON)

Statoil Enters German Offshore Wind Market

Europe.   “We are pleased to announce our decision to develop this significant offshore wind project together with E.ON. This investment is in line with our strategy to gradually complement our oil and gas portfolio with profitable renewable energy and other low-carbon solutions,” said Eldar Sætre, Statoil’s president and CEO.   “We are also pleased to develop this project in Germany, where Statoil is the second-largest supplier of natural gas. We have been delivering gas from Norway through three direct pipelines for over 35 years, and Statoil’s entry

Statoil acquires shareholding in Lundin Petroleum Courtesy Statoil

Statoil Acquires Minority Stakes in Lundin Petroleum

Continental Shelf (“NCS”). “We consider this a long term shareholding. The Norwegian Continental Shelf is the backbone of Statoil’s business, and this transaction indirectly strengthens our total share of the value creation from core, high value assets on the NCS, ” says Eldar Sætre, president and CEO of Statoil ASA. Statoil is continuously looking to enhance value creation.  In recent years Statoil has farmed down in certain mature assets on the NCS to realize value for new investments. Through the acquisition of shares in Lundin Petroleum, Statoil increases

GE, Statoil Partner for Sustainable Energy Development

be a model for the rest of our industry, and to inspire thinking, creativity and innovation in addressing the challenges of more sustainable energy.”   “The challenge of achieving more efficient and sustainable energy production is too large for one entity to address alone,” said Eldar Sætre, president and CEO of Statoil. “The private sector has a responsibility to leverage its skills and expertise to contribute to the development of new solutions. Collaboration is a key component to achieving important positive change. This initiative with GE is a good example of an

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