This Day On The Street
Continue to site right-arrow
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
TheStreet Open House

Statoil ASA's Management Hosts Exploration Seminar (Transcript)

Stocks in this article: STO

Our plan was and still is with this seminar to give you some more insight to dig deeper behind the successful exploration program, which we have run over the last year and a half, tried to explain to you what we do and why we do it, what things are important for us. So, that hopefully through this afternoon, you will understand more about our strategy, more about why we have had the success we had. And hopefully I can build even more trust and confidence in our ability to deliver similar kind of success in the future.

You are all familiar with the updated corporate strategy and hopefully you will recognize that one of the most important or one of the important building blocks on this is to develop a leading global exploration company. As I mentioned to many of you before, that this part or this chapter of the exploration story really started about three years ago. When I was asked to take over the responsibility for the global exploration unit in Statoil, we quickly made a decision that we should revisit our strategy. We should thoroughly examine what we had been doing, what others were doing, and then make a conclusion as to whether we need to change how we were doing things. That strategy was approved at the end of 2009 and subsequently implemented. I’ll come back to that.

Then on 1st of January 2011, year and a half ago, there was a major reorganization of the company and the decision was made for exploration to have a seat on the Executive Committee of Statoil. I was asked to take on that position. I was very glad to accept. And that was also one of the elements, which we’ve drawn up in the strategy that we – it would probably be beneficial for us to have one exploration unit rather than have three. Previously, we had a separate unit for Norway. We had a separate unit for the international exploration. We had a separate technical unit. And I think what it has allowed us to do it’s allowed us at least to prioritize in a truly global fashion.

3 of 7

Check Out Our Best Services for Investors

Action Alerts PLUS

Jim Cramer and Stephanie Link reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

Jim Cramer's protégé, David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
Try it NOW
Try it NOW
Try it NOW

Check Out Our Best Services for Investors

Dividend Stock Advisor

Jim Cramer's protégé, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
Try it NOW
Try it NOW
Try it NOW
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!


DOW 17,164.95 -251.90 -1.45%
S&P 500 1,994.99 -26.26 -1.30%
NASDAQ 4,635.24 -48.1670 -1.03%

Partners Compare Online Brokers

Free Reports

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs