Statoil strategist secures severance

Norwegian oil company Statoil has quietly confirmed that its low-profile executive John Knight will be resigning his post at chief strategist on January 1, 2019. He’ll be taking with him a severance pay package that makes the many others paid out by Statoil, as part of its cost- and staff-cutting in recent years, pale in comparison. Newspaper […]

Statoil optimistic in a new oil market

After years releasing a lot of bad news, the chief executive of Norway’s biggest and arguably most important company now seems defiantly optimistic. Statoil CEO Eldar Sætre even had his closest associates laughing last week, just before they all had to release some of the poorest results in the company’s history. They’re all confident that the […]

Statoil admits to lack of maintenance

Norwegian state oil company Statoil admitted late last week that it had underestimated the risk of inadequate maintenance at both its Mongstad plant on the West Coast and on it oil installation on the Troll field. An internal probe also revealed that both accidents last fall could have had fatal consequences. As state officials also […]

Statoil faces new corruption probe

As Norway’s state-controlled oil firm Statoil wraps up another challenging year, it also faces a new state probe into possible corruption involving a high-ranking employee. Both he and the leader of a company doing business with Statoil, Norsk Helikopterservice, were arrested and charged last week. Newspapern Dagens Næringsliv (DN) reported that the charges were filed by state […]

Statoil admits to safety flaws

Norway’s biggest company, the Stavanger-based oil and energy firm Statoil, has concluded that its safety routines were lacking in at least two alarming incidents this past autumn. It also has decided to bring responsibility for security-related computer systems back home to Norway, reversing a controversial outsourcing to India. Experts believe it may be the beginning of […]

Statoil finally sells out of oil sands

Norwegian oil company Statoil finally did what climate activists, environmentalists and several top Norwegian politicians have been urging for years: Sell off the last of its highly controversial oil/tar sands assets in Canada. “This has been an absolutely catastrophic project for Statoil,” claimed one Greenpeace activist as others expressed profound relief. Statoil announced Wednesday night […]

Statoil hailed for its climate strategy

Norwegian oil company Statoil has topped a list of international oil companies for having the best strategy for becoming much more climate-friendly. Statoil’s CEO Eldar Sætre gets much of the credit, as the company also claims to be working hard on improving safety. Newspaper Dagens Næringsliv (DN) reported that the list of companies with the best climate […]

Statoil eyes new cuts in North Sea

Norwegian oil company Statoil will have slashed its costs by around NOK 2.5 billion a year when it wraps up its so-called STEP efficiency program at the end of the year, but it’s not enough. Now the company is turning its attention to its North Sea oil installations, which have been shielded from much of the cost-cutting, and […]

Statoil’s loss sends its shares tumbling

Norway’s largest company, state-controlled oil firm Statoil, released results Wednesday morning that were “much, much worse than expected,” sending chills throughout the market and the country’s entire oil and offshore industry. A second-quarter net loss sent Statoil’s shares tumbling on the Oslo Stock Exchange, while more cuts in the company’s investment program are another blow to an […]

Lund launches new ventures

UPDATED: Statoil’s former chief executive, Helge Lund, has found something else to do after his new job at BG Group evaporated when the company was taken over by Shell. Lund emerged in early June as a new board member of Schlumberger, the huge supplier of various services to the oil and gas industry. He’s also starting […]