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Statoil ASA's Management Hosts Exploration Seminar (Transcript)

So, that's what we mean by exploiting core positions. And the importance of this is sort of if you make a breakthrough discovery like we've done in Tanzania, Eni and Anadarko have done in Mozambique and hopefully getting BG and Tanzania as well. I think we just see what often it can lead to. It doesn’t lead to those single opportunities at least to a multitude of opportunities not necessarily in the same – same category – size category, but opening up this new place is one of the key things we do in exploration. And of course results have been very good six high-impact discoveries and as we speak we are drilling two or three more, where we expect we have to announce the results by the end of the second quarter. So, I think we can say we successfully implemented our strategy and we plan to stick with this and my team will tell me more and outline how we positioned that to deliver more. So, we think we are doing well.

What do others think? Well, they think we are doing pretty well as – pretty good as well. If we look back and this was part of the work we did with the expiration strategy we look back to the period of 2006 to 2008. We actually weren’t doing too bad on volumes, but most of the volumes were related – most volumes were Norwegian volumes. There is nothing wrong with that of course, but most of them were also related to near-field exploration. We drilled up a whole bunch of near-field prospects, because our production hubs needed more oil and gas and of course these are also high value barrels.

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