Statoil

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Type Partially state-owned
Traded as OSE:STL NYSE:STO
Founded 1972
Headquarters Stavanger, Norway
Key people Helge Lund (CEO), Svein Rennemo (Chairman)
Revenue US $119.55 billion (2011)[1]
Net Income US $6.3 billion (2011)[2]
% change on previous year +116.4%[3]
Total assets NOK 768.6 billion (approx. US $138.4 billion), 2011.[4]
Total equity NOK 285.2 billion (approx. US$51.36 billion), 2011.[5]
Employees 30,300 (end 2011).[6]
Website www.statoil.com

Global Snapshot

Statoil, formerly known as "StatoilHydro", became the largest offshore operator in the world following its merger with Norsk Hydro in 2007.[7] The Norwegian government is the largest shareholder in Statoil with 67%.[8] However head of Statoil for Canada Stale Tungesvik has told press that Statoil behaves like a private company and the state has no role in its management.[9] Statoil was also named the most transparent of the world's 105 publicly traded companies by pressure group Transparency International in 2012.[10]

In Europe Statoil is the second-largest supplier of natural gas[11] and internationally, Statoil has operations in 34 countries and is listed on the New York and Oslo stock exchanges.[12]

At the end of 2011 Statoil had proven reserves of 5.43 billion barrels of oil equivalent (boe).[13] As of 2012 the company was producing between 1.8 - 2.1 boe daily, according to differing estimates,[14][15] but was aiming to increase this figure to 2.5 million boe per day by 2020 by ramping up its unconventional exploration and North Sea operations.[16]

Company Report Highlights

The company's Annual Report for 2010[17] states that Statoil was engaged in production in 11 countries: Canada, the US, Venezuela, Algeria, Angola, Libya, Nigeria, the UK, Azerbaijan, Russia and Iran.

Financially, Statoil's operating income in 2010 rose 12.8% from 2009 figures, reaching 137.2 billion NOK. Production volumes were higher during the first half of 2010, however during the second half specific operational issues in the Gulf of Mexico resulted in lower than expected volumes.

Over the course of 2010, Statoil was awarded shares in eight exploration licences in the Norwegian continental shelf, signed a development and production contract for West Qurna 2 field in Iraq with Lukoil, and signed a $6 billion investment agreement to develop the Chirag Oil Project in Azerbaijan. In addition, in October 2010 Statoil acquired 67,000 net acres in the Eagle Ford shale gas formation in Southwest Texas in order to complete their existing onshore portfolio, having formed a 50/50 joint venture with Talisman.

Global Snapshot

Transparency

EITI Supporter Status

As of December 2011, Statoil was a supporter country of the EITI and had been a Board member since 2009.

UN Global Compact

As of December 2011, Statoil was a member of the UN Global Compact, having joined in 2000.

CSR Review

Statoil's Annual Report for 2010 highlights the following CSR achievements over the year:[18]

  • Fortune Magazine ranked Statoil as the 'World's Most Admired Company' within the category of sustainability.
  • The company increased from 57% to 80% the percentage of non-OECD countries with CSR plans.
  • The company increased from 2.5% to 4% their estimated expenditure on local non-OECD suppliers.
  • Human rights awareness training is integrated into Statoil's general training in corporate social responsibility, covering policies and commitments to human rights, core labour standards, awareness of CSR responsibilities.
  • Statoil supports the World Economic Forum's Partnering Against Corruption Initiative (PACI), the Business Principles for Countering Bribery (BPCP), and the OECD Guidelines for Multinational Enterprises.
  • Spending on social investments was approximately 202 million NOK. Investments were made largely in Angola, Canada, Azerbaijan, Russia, Ireland and Nigeria

External Coverage

  • In 2004, Statoil suffered damage to its reputation when it was found guilty of bribery and fined 20 million Norwegian Krone ($2.9 million), after it was found to have paid consultant Horton Investment to influence decision makers and secure contracts in Iran. Both the Chairman and CEO at the time resigned over the affair.[19]

Global Operations by Country

Azerbaijan

Main article: Statoil Operations in Azerbaijan

Iraq

Main article: Statoil Operations in Iraq

Iran

Main article: Statoil Operations in Iran

Libya

Main article: Statoil Operations in Libya

References

  1. Annual Report 2011", Statoil.
  2. Fortune 500: Statoil", CNN Money, retrieved 19 December 2012.
  3. Fortune 500: Statoil", CNN Money, retrieved 19 December 2012.
  4. Annual Report 2011", Statoil.
  5. Annual Report 2011", Statoil.
  6. Fortune 500: Statoil", CNN Money, retrieved 19 December 2012.
  7. "Statoil to buy the natural gas and oil operations of Norsk Hydro for $28 billion" New York Times, 18 December 2006
  8. "The World's 25 Biggest Oil Companies" Forbes, 7 July 2012.
  9. "Norway’s state-owned energy giant Statoil wants to be judged on its own actions", Financial Post, 15 October 2012.
  10. "Statoil tops, Gazproms flops in transparency ranking", Barents Observer, 10 July 2012.
  11. "Norway’s state-owned energy giant Statoil wants to be judged on its own actions", Financial Post, 15 October 2012.
  12. "Statoil in Brief" Statoil, retrieved 07 October 2011
  13. Annual Report 2011", Statoil.
  14. "The World's 25 Biggest Oil Companies" Forbes, 7 July 2012.
  15. "Shale to spur Statoil output drive" Petroleum Economist, 28 November 2012.
  16. "Shale to spur Statoil output drive" Petroleum Economist, 28 November 2012.
  17. Annual Report 2010" Statoil, retrieved 07 October 2011
  18. "Annual Report 2010: Sustainability" Statoil, retrieved 07 October 2011
  19. "Statoil fined over Iranian bribes" BBC News, 29 June 2004