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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.

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