Eldar Stre News

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

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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