Statoil: A Journey Across Energy Frontiers
- John Sheehan (Contributing Editor)
- Document ID
- Society of Petroleum Engineers
- Journal of Petroleum Technology
- Publication Date
- July 2010
- Document Type
- Journal Paper
- 31 - 35
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Editor’s note: This is the first in a series of profiles of leading operators, including key international and national oil companies, around the globe. The focus is on the company’s strategic direction, relationship to its government, major upstream activity, and significant technology challenges and applications.
As the Norwegian Continental Shelf (NCS) matures, Statoil is trying to earn maximum value from its home patch, while at the same time repositioning itself for future growth internationally.
Originally formed in 1972, Statoil merged with rival Hydro in 2007 to create StatoilHydro, before the Statoil name was reclaimed last year when the company was rebranded. The new Statoil adopted a star-shaped logo, inspired by the starry skies of the north, to symbolize its aspiration to be a “pathfinder” in oil, gas, and other energy forms.
The merger of the two Norwegian energy giants strengthened the new company organizationally, technologically, and financially, says company Chief Executive Officer Helge Lund.
“We are a larger company, more competitive in an international context. Since the merger we have been able to attack more business opportunities in more countries,” he said. “Entering the Shtokman partnership in Russia, taking over as operator of Peregrino in Brazil, acquiring a substantial shale-gas position in the US, and delivering a winning bid in Iraq are some of the business opportunities we have captured since the merger.”
Statoil is the largest operator on the NCS, with approximately 60% of its total production. It also operates oil and gas fields in Algeria, Angola, Azerbaijan, Brazil, Canada, China, Iran, Libya, Nigeria, Russia, the United States, and Venezuela.
In the long term, as well as garnering maximum potential from the NCS, Statoil is looking to its international asset base to allow it to grow and become more diversified, both in geographical terms and in types of production.
The company also has ambitions to develop profitable midstream and downstream positions as well as a strong renewable base, particularly in wind power. In offshore wind, Statoil is in a partnership to develop the Sheringham Shoal project in the UK, with 88 turbines coming on stream in 2011. The Forewind consortium, in which Statoil participates, was awarded the largest development area in the UK’s third licensing round for offshore wind farms. Meanwhile, off the western coast of Norway, Statoil is testing a prototype of the world’s first full-scale floating wind turbine, Hywind, designed for operation in deeper waters.
Traditionally, Statoil’s focus has been on its upstream activities and the company has identified four priority growth areas moving forward: deep water, gas-value chains, harsh environments, and heavy oil.
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