Formed in 1972, Statoil is a technology-focused international energy company primarily focused on upstream oil and gas operations. Today Statoil is the world’s seventh-largest international oil company with over 20,000 employees across 37 countries, global production of around 2 million barrels of oil equivalent per day, and is an industry leader in applying technology to create innovative and responsible solutions for the world’s energy needs.
Over the past decade, Statoil has expanded its US operations and is now the third-largest overseas investor in the US upstream oil and gas sector. From our US headquarters in Houston, we oversee a portfolio of deep-water offshore and onshore assets that produced over 200,000 barrels per day in 2014.
What are Statoil’s ties to Norway today?
Statoil was originally created to develop the discoveries of oil and gas on the Norwegian continental shelf in the 1960s and the company was wholly owned by the Norwegian State until 2001. Today the state remains our largest shareholder. Consequently, Statoil maintains deep practical and cultural ties to Norway, is headquartered in Stavanger and is one of the country’s largest employers. Statoil has grown in parallel with the Norwegian oil and gas industry, helping to turn the Norwegian continental shelf into a major resource for global energy markets. As the company has expanded internationally, our workforce has understandably become more diverse. However, the company is still shaped by the culture and values of Norwegian society. Norwegians, for example, care greatly about the environment and sustainability, which in turn drives Statoil to be an industry leader in the responsible development of energy resources.
How has Statoil developed its US business?
The US has been a focal point for Statoil’s international expansion over the past decade. Statoil first entered the US market in 1987 through our New York trading office. We currently maintain offices in Houston, TX; Austin, TX; Stamford, CT; Washington, DC; Anchorage, AK; and Williston, ND. Starting in 2004, we began to build our Gulf of Mexico portfolio through acquisitions and exploration. Statoil is currently a partner in four producing fields, with several more under development.
We began our entry into US shale in 2008 through a joint venture in the Marcellus play. In 2010 and 2011, Statoil entered the Eagle Ford play in Texas and the Bakken play in North Dakota, respectively. We now oversee a premium and diversified portfolio of over one million acres across seven states. Today the majority of our US production comes from these assets.
How does the US fit into Statoil’s ambition for the future?
Our significant investments reflect the importance of the US for Statoil’s strategic vision. Indeed, the US represents the largest capital commitment and production growth outside of the Norwegian continental shelf. Statoil’s onshore portfolio will provide several decades of production, and our technological competence gives us a strong foundation to meet the engineering challenges at the forefront of the US energy renaissance. Moving forward, we are focused on increasing efficiency and resource recovery through the innovative application of technology, as well as building good relationships with local communities by being a responsible operator and working to reduce our environmental footprint.
What exciting project in the US is Statoil working on now?
Statoil is committed to leveraging its technological expertise and innovative spirit to responsibly develop oil and gas resources in the communities where we operate. Statoil has launched a collaboration with GE Oil & Gas aimed at generating sustainable solutions to some of the biggest challenges facing oil and gas production – including flaring, CO2 and methane emissions, and water usage – while also optimizing business operations. Our upcoming CO2 stimulation and recycling pilot in North Dakota, for example, will assess whether the use of CO2 in completion operations leads to an increase in production while lowering freshwater usage.
How does Statoil benefit from NACC membership?
The exchange of ideas and knowledge can be an important driver of growth. As a major actor in the Norwegian business community, Statoil values the opportunity to interface with other Norwegian companies operating in the US. The Chamber provides an unparalleled forum through which Statoil can communicate with our peers.
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