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Statoil ASA's Management Hosts Exploration Seminar (Transcript)

Stocks in this article: STO

And then I think the third element is obviously the recent successes. It doesn’t hurt to have early success. And we have had quite a lot of that over the last few years probably significantly more than we expected, i.e., more larger, finds quicker than we expected. We now have six high impact discoveries, of which two, are joint discoveries, i.e., more than a billion barrels of oil equivalent on a 100% basis, the onsite drip and now Pao. We have also secured significant new acreage positions and I’ll return specifically to the deal we did with Rosneft a little bit later in my talk. And I think we have strengthened our position, our core positions, i.e., in Norway and Gulf of Mexico quite substantially over the last 18 months too.

None of this is possible without strong HSE performance. We have had a good development when it comes to our HSE statistics, the one which is shown on the left is all serious incident frequency, i.e., the number of serious incidents we have per million man hours worked. And as you say that the level now is around about one eye, one incident per million nine years worked on all of our operations whether it be exploration, development, or production. Having excellent HSE results and I am thinking about all of the aspects, but especially about safety and the environment aspects. They are prerequisite and our license to operate wherever it might be. It also helps us to become a preferred partner and by that I mean maybe also in the operator, which others choose to work with and it definitely does give us a competitive advantage.

Exploration is involved in many aspects and of HSE many types of operations, but in particular the seismic and exploration drilling operations. My exploration unit has responsibility or accountability for all seismic acquisition in Statoil be it exploration, development, or production purposes. We become a strong well portfolio. Of course, so we are the first to test the different areas that means that we know typically less when we go into these areas than we do on the Norwegian shelf or places like the Gulf of Mexico.

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