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Changes in Statoil's corporate structure

Statoil ASA has announced that it will change its organisational structure as a response to future business opportunities and challenges, and to support a continued strong development of the company.

In a press release the company states that the new organisation will reflect the ongoing globalisation of Statoil, leverage the position on the Norwegian Continental Shelf and simplify internal interfaces to support safe and efficient operations. The changes are planned to take effect from 1 January 2011.

During recent years Statoil has reinforced its leading position on the Norwegian Continental Shelf (NCS). A new offshore operating model was implemented last year, and important steps have been taken to further improve HSE and to industrialise and standardise operations in order to maximise resource utilisation on the NCS. Statoil has in the same period grown its global footprint substantially. Today more than 25 percent of the daily production comes from Statoil’s international portfolio. Statoil has also taken important steps to grow its portfolio within renewable energy.

- A broader and more global business portfolio is an important driver for the changes we make. The new corporate structure reinforces the execution of our global growth strategy and increases our efficiency through a simplified organisational structure. In parallel we adapt to a different future on a more mature NCS still providing rich opportunities for Statoil, says President and Chief Executive Officer Helge Lund.

- With a more diversified top management and important leadership positions established outside Norway we also accelerate development of a stronger internal leadership pipeline. That’s important for the long term development of Statoil, Lund adds.

It is three years since the merger between Statoil and Hydro’s oil and gas activities. This enabled Statoil to realise close to NOK 10 billion in merger synergies and cost savings. The announced changes in the corporate structure are growth and development driven, and will not result in redundancies.

- In this three year period we have made good progress, and we have a solid foundation for a continued strong development of Statoil. Our strategy remains firm. We will take out the full potential of the Norwegian Continental Shelf, build international growth platforms and gradually strengthen our position within renewable energy. We have a competent organisation and motivated people. With a strong resource base and a balanced portfolio we are ready to take on new challenges, says Helge Lund.

Statoil’s new corporate organisational structure and Corporate Executive Committee (CEC) will besides president and Chief Executive Officer (CEO) Helge Lund, be as follows:
Development and Production Norway, EVP Øystein Michelsen, located in Stavanger
Development and Production International, EVP Peter Mellbye, located in Oslo
Development and Production North America, EVP Bill Maloney, located in Houston
Marketing, Processing and Renewable Energy, EVP Eldar Sætre, located in Stavanger
Technology, Projects and Drilling, EVP Margareth Øvrum, located in Stavanger
Exploration, EVP Tim Dodson, located in Oslo
Global Strategy and Business Development, EVP John Knight, located in London
Chief Financial Officer, EVP Torgrim Reitan, located in Stavanger
Chief of Staff, EVP Tove Stuhr Sjøblom, located in Stavanger
Rune Bjørnson, Jon Arnt Jacobsen, Gunnar Myrebøe and Helga Nes will from January 2011 leave their positions in the CEC. It is a wish and ambition both for the company and themselves that they continue in new roles in Statoil.

- The new team balances renewal with continuity, increases diversity and creates new opportunities for the next generation of leaders. At the same time I look forward to working with the colleagues leaving the CEC in new positions in Statoil, says Helge Lund.

Over the past few years Statoil has made significant investments in North America. Establishing Development and Production North America as a separate business area reflects the importance of the region, it moves top leadership closer to the operations and is a natural step to secure the investments and contribute to further growth. Together with Development and Production Norway and Development and Production International it covers our upstream activities.

The current business areas Manufacturing & Marketing, Natural Gas and the New Energy unit of the existing Technology and New Energy (TNE), will merge into a new business area for Marketing, Processing and Renewable Energy. This creates synergies in the operation of onshore plants and in the market related activities.

The new business area Technology, Projects and Drilling will combine the existing Technology unit of TNE with the Projects and Procurement business area, and the Drilling and Well unit in the existing Exploration and Production Norway (EPN). Joining these forces simplifies work processes and reduces the numbers of internal interfaces significantly.

Finally Exploration and Global Strategy and Business Development will constitute two new business areas driving core processes across the company. This underpins Statoil’s growth ambition, and will contribute in the continued pursuit of value creation through both organic and inorganic moves in the further development of the company.

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