‘Fairy tale’ start for new ‘Equinor’

With oil prices now up to around USD 80 a barrel for Norway’s North Sea crude, this brand-new drilling rig for the country’s state-controlled oil company is poised for what’s likely to be a festive tow-out to its new Johan Sverdrup oil field. Eldar Sætre, CEO of the former Statoil, referred to the profits now gushing […]

Statoil’s new name pumps up critics

“No, no, no Statoil” bellowed the headline on one of the many responses in Norwegian media this week to the Norwegian oil company’s proposal to change its name. Now even Statoil’s founding chief executive, Arve Johnsen, is mobilizing opposition to the name change, claiming it’s a poor attempt to veil some of the climate- and […]

Oil field to be ‘a money machine’

Norway’s giant Johan Sverdrup oil field, located just 155 kilometers west of Stavanger, is being called “a money machine” even before production starts up next year. New estimates suggest it can generate a whopping NOK 9 million per hour at today’s oil price of around USD 65 a barrel. That price is still far below […]

Statoil boss gets a big raise

Eldar Sætre, chief executive of Statoil, was planning to retire when he turns 62 in February. Now Statoil’s board has offered to give him a big pay raise and a huge increase in retirement benefits if he’ll stay on. Sætre reportedly is now motivated to do so. “Eldar has done a very impressive job,” Statoil’s […]

Statoil scolded over workers’ buyouts

Norway’s state oil company Statoil was the target of some angry editorials and complaints this week, after newspaper Dagens Næringsliv (DN) reported just how lucrative it’s been for Statoil’s workers to voluntarily give up their jobs. Employee buyouts have cost an estimated NOK 4 billion over the past three years, with the state and taxpayers picking […]

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 […]