Statoil ASA Overview
Statoil ASA, is a multinational oil and gas company founded in the year 1972 with headquarters in Stavanger, Norway. They have operational presence in 36 countries such as Norway, Belgium, U.K., U.S., Tanzania, Angola and Canada. The company has about 23,000 employees and produces, transports, refines petroleum and petroleum-derived products.
The company processes, manufactures, markets, and trades oil and gas commodities, such as crude, condensate, gas liquids, products, natural gas, and liquefied natural gas (LNG). The company also develops offshore renewable wind energy, carbon capture and storage projects and offshore decommissioning and other low-carbon energy solutions.
The company has subsidiaries such as Statoil Natural Gas LLC, Statoil Petroleum AS and Shah Deniz. Statoil ASA competes with companies such as DNV GL, Claxton Engineering, Aker Solutions ASA, Allseas Group S.A and Amec Foster Wheeler.
Strategy
Statoil ASA has a long term vision and commitment to create low carbon futures. The company sees it key strategy in safety, cost and carbon efficient operations. In addition to this, Statoil research and development will help them deploy technology to create opportunities and enhance the value of their current and future assets. For more than 40 years, Statoil primary operation has been in the NCS (Norwegian Continental Shelf), where they have explored, developed and produced oil and gas. They are currently planning to improve the reliability, efficiency and lifespan of their fields of production in the NCS region. Statoil ASA has been involved in new exploration activities in the NCS and Gulf of Mexico region. These exploration activities are carried out with their strategic partners such as BP Plc., to further expand their oil and gas operations. They have also carried out the feasibility study of the new technology Carbon Capture and Storage (CCS) system, which can be implemented in their NCS operating fields. The company is also committed to decommission existing old wells in the NCS region under the petroleum act of the Norwegian government. There are currently carrying out permanent plugging and abandonment operations at Huldra, Volve, Statfjord, Visund, Tune, Kristin and Heimdal facilities.
