Statoil

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Statoil asa

Type	Public
Founded	1972
Headquarters	Stavanger, Norway
Key people	CEO: Helge Lund Chairman: Jannik Lindbæk
Industry	Oil and gas
Products	Oil Natural gas Petrochemicals
Revenue	NOK 393 billion (2005)
Net income	NOK 30.7 billion (2005)
Employees	25,644 (2005)
Website	www.statoil.com

A Statoil petrol station sign in Estonia

Statoil (OSE: STL, NYSE: STO) is a Norwegian petroleum company established in 1972. It is the largest petroleum company in the Nordic countries and Norway's largest company. While Statoil is listed on both the Oslo Stock Exchange and the New York Stock Exchange, the Norwegian state still holds majority ownership, with 70.9%. The main office is located in Norway's oil capital Stavanger. The name Statoil is a truncated form of the State's oil.

Statoil is one of the largest net sellers of crude oil in the world, and a major supplier of natural gas to the European continent, Statoil also operates around 2000 service stations in 9 countries. The company's CEO from mid-2004 onwards is Helge Lund, formerly CEO of Aker Kværner.

1 History
2 Operations
3 Trivia
4 External links

[edit] History

Den norske stats oljeselskap a/s was founded as a private limited company owned by the Government of Norway on July 14, 1972 unanimously in the Norwegian parliament Stortinget. The political motivation was that one wanted Norwegian participation in the oil industry on the continental shelf and the possibility to build up Norwegian competency within petroleum industry to build the basis for a domestic petroleum industry. Statoil was required to discuss important issues with the Minister of Industry, later Minister of Oil and Energy. Statoil was also required to make an annual report to the parliament.

In 1973 the company started work aquiring petrochemical industry. This resulted in the processing plants at Rafsnes and in partnership with Norsk Hydro the plant at Mongstad in 1980. In 1981 the company acquired, as the first Norwegian company, operator rights on the Norwegian continental shelf on the Gullfaks field.

The company was privatised and made a public limited company in 2001, becoming listed on the Oslo Stock Exchange and the New York Stock Exchange. At the same time it changed its name to Statoil ASA.

[edit] Operations

See Statoil operations by country

Statoil is the largest operator on the Norwegian continental shelf, with 60% of the total production. The field operated are Glitne, Gullfaks, Heidrun, Huldra, Kristin, Kvitebjørn, Mikkel, Norne, Ormen Lange, Sleipner, Snorre, Snøhvit, Statfjord, Sygna, Tordis, Troll, Veslefrikk, Vigdis, Visund, Volve and Åsgard. The company also has processing plants at Kolsnes, Kårstø, Mongstad Tjeldbergodden and Melkøya.

In addition to the Norwegian continental shelf, Statoil operates oil fields in Algeria, Angola, Azerbaijan, Brazil, China, Iran, Libya, Nigeria, United States and Venezuela. Statoil has offices that are looking for possible ventures in the countries of Egypt, Mexico, Qatar and United Arab Emirates. The company has processing plants in Belgium, Denmark, France and Germany.

Statoil is involved in a number of pipelines, including Zeepipe, Statpipe, Europipe and Franpipe from the Norwegian continental shelf to Western Europe in addition to the Baku-Tbilisi-Ceyhan pipeline in Central Asia.

The company has trading offices for crude oil, refined petroleum products and natural gas liquids in London, UK, Stamford, USA and Singapore.

Statoil operates petrol station services in Denmark, Estonia, Latvia, Lithuania, Norway, Poland, Russia and Sweden, a total of 2,000 stations in nine countries. Some fully automated stations are branded 1-2-3. The stations in Denmark and Sweden were purchased from Esso in 1985 while the stations in Ireland were purchased from British Petroleum in 1992 then sold by Statoil to Topaz Oil in 2006.

[edit] Trivia

On 2 October 2006 the singer and musician Katie Melua entered the Guinness Book of Records for playing the deepest underwater concert 303 meters below sea level on Statoil's Troll A platform in the North Sea [1].