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Statoil ASA's Management Hosts Exploration Seminar (Transcript)

Stocks in this article: STO

So, we have to be able to take very good care or we need to have to be prepared for all eventualities. And I can say to you that the exploration statistics, these are the core positions I’ll show, the exploration statistics over the last two years are equally as good as what we have done in the corporate.

As you know from our global footprint, we have different challenges we are facing. Physical challenges like ultra deepwater I mentioned 2,800 meters of water depth on Pao, similar in Tanzania, similar in Gulf of Mexico. In other places, you can add to that the challenge of seasonable icebergs, things like seasonal icebergs like in the – of the Northeast Coast of Canada. You can add small margins, high pressure, high temperature conditions, Gulf of Mexico just about every well you drill is very challenging for that respect. King Lear, another we – you all know about the King Lear well in the south of the North Sea.

And then more recently, we also have to handle other issues like the threat of piracy of the eastern coast of Africa and that threat is real. I am not going to the details, but there are lot of evidence that there is the piracy activity is it’s there, it’s real, and it’s active all the way down through East African coast. So, we don’t only have to maintain, but we have to continue to focus and improve on this. And the reason for that is that we have to be ready for even more demanding challenges going forward. In the Arctic especially, we have acreage in Alaska. We have acreage offshore Northeast Canada, but also of the north board known the Beaufort Sea and not least now with the position we have picked up with Rosneft offshore Russia both in the Barents Sea and the Sea of Okhotsk, where ice is also a challenge. So, this is our license to operate and it’s something that we have to – continue focus on day-in, day-out.

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