Maloney, William V.¹
(1) Statoil ASA, London, United Kingdom

ABSTRACT: Statoil: We Deliver What We Promise

After 30 years as the Norwegian national oil company, Statoil was listed on the New York and Oslo stock exchanges in June 2001. Since 1999, Statoil has had a significant shift in commercial and portfolio thinking. During the period from the IPO until today Statoil has risen to near best in class in financial position, in relation to its peers, as measured by return on capital employed. Statoil's commercial and financial strength can in part be attributed to effective portfolio management. 
During the last three years, Statoil has sold assets in an effort to boost profitability in its upstream portfolio and focus on assets that yield competitive returns and significantly contribute to producing core areas. In 2003, Statoil acquired assets that complement its position as a major supplier of gas to Europe and add the potential to contribute strong returns on our investment capital. 
Statoil uses the same portfolio thinking in exploration to significantly grow value. Statoil will maintain focus on twelve basins/countries, while seeking to expand into new focus areas that meet our criteria for basin and prospect entry into Statoil's global exploration portfolio. Statoil’s exploration focus has been successful with 31 of 51 wildcats being discoveries since the IPO, resulting in a finding cost of $0.74/boe. 
By sales, acquisitions and organic means Statoil has matured its upstream portfolio to not only deliver short term profitability but also significant growth.

AAPG Search and Discovery Article #90026©2004 AAPG Annual Meeting, Dallas, Texas, April 18-21, 2004.