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Type Partially state-owned
Founded 1972
Headquarters Stavanger, Norway
Key people Eldar Sætre(CEO), Svein Rennemo (Chairman)
Revenue NOK 622.7 billion (2014)[1]
Net Income NOK 22.0 billion (2014)[2]
% change on previous year -178%[3]
Total assets NOK 986.4 billion (2014)[4]
Total equity NOK 381.2 billion (2014)[5]
Employees 22,500 (2014)[6]

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 the 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 37 countries and is listed on the New York and Oslo stock exchanges.[12]

In 2014 Statoil had proven reserves of 5,359 billion barrels of oil equivalent (boe).[13] As of 2014 the company was producing an estimated 1.927 boe of gas and oil daily[14] 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.[15]

Company Report Highlights

The company's Annual Report for 2014[16] states that Statoil was engaged in production in 10 countries: Canada, the US, Brazil, Angola, Nigeria, Algeria, Libya, the UK, Azerbaijan and Russia.

Financially, Statoil's net operating income was NOK 109.5 billion in 2014, down from NOK 155.5 billion in 2013, impacted by lower prices, impairment losses and exploration expenses. Statoil increased the annual equity production to 1.9277 million barrels of oil equivalent per day in 2014. The increase was driven by improved production efficiency and start-up of new fields, which represents a growth of 4% from a rebased 2013 level.

As a result of the European gas price development and outlook for 2014, Statoil decided to defer gas volumes to enhance value.

Helge Lund resigned as CEO in October 2014 and Eldar Sætre was appointed CEO and President.

Global Snapshot


EITI Supporter Status

As of April 2015, Statoil is a supporter country of the EITI and had been a Board member since 2009.

UN Global Compact

As of April 2015, Statoil is a member of the UN Global Compact, having joined in 2000.

CSR Review

Statoil's Sustainability Report for 2014 highlights the following CSR achievements over the year:[17]

  • Preparation of a corporate framework for country sustainability plans.
  • Statoil performed significantly better than the industry average on all environmental indicators.
  • A corporate framework for site-level grievance mechanisms was established, and such mechanisms were set up in Brazil, Tanzania and the USA.
  • Statoil was recognised as the world’s third most transparent company by Transparency International.
  • Disclosure of payments to governments at project level for 2014.
  • Increased transparency through reporting of indirect CO 2 emissions.

External Coverage

  • In 2004, Statoil suffered damage to its reputation when it was found guilty of bribery and fined 20 million Norwegian Kroner ($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.[18]
  • In October 2007 a merger between Statoil and Norsk Hydro was implemented. The merged company StatoilHydro is traded on the Oslo and New York stock market.[19]

Global Operations by Country


Main article: Statoil Operations in Azerbaijan


Main article: Statoil Operations in Iraq


Main article: Statoil Operations in Iran


Main article: Statoil Operations in Libya


Main article: Statoil Operations in Tanzania


  1. Annual Report 2014", Statoil.
  2. Annual Report 2014", Statoil.
  3. Annual Report 2014", Statoil.
  4. Annual Report 2014", Statoil.
  5. Annual Report 2014", Statoil.
  6. Annual Report 2014", Statoil.
  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 Worldwide]" Statoil, retrieved 4 June 2015
  13. Annual Report 2014", Statoil', retrieved 4 June 2015'.
  14. Annual Report 2014", Statoil.
  15. "Shale to spur Statoil output drive" Petroleum Economist, 28 November 2012.
  16. Annual Report 2014", Statoil', retrieved 4 June 2015'.
  17. "Sustainability Report 2014" Statoil, retrieved 05 June 2015
  18. "Statoil fined over Iranian bribes" BBC News, 29 June 2004
  19. "Merger Implemented" Statoil, retrieved 5 June 2015