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Statoil appoints Eldar Sætre as new President and CEO

Statoil‘s Board of Directors has appointed Eldar Sætre as its new President and CEO. Mr Sætre has been acting as President and CEO since October and assumes the role with immediate effect. He has 35 years of experience with Statoil and in the oil and gas industry.

“Eldar Sætre was our first choice,” Svein Rennemo, Statoil’s Chair of the Board, said. “The industry and company are facing demanding challenges. Eldar stands out with his long experience and ability to create change. Those are qualities we need in times like these. I am extra pleased that we were able to recruit the next CEO from within Statoil.”

Mr Sætre has extensive operational and financial experience from Statoil. He has been a member of the corporate executive committee since 2003. He started as CFO and later became Executive Vice President for marketing, processing and renewable energy. Mr Sætre played a key role during Statoil’s IPO and the merger with Norsk Hydro‘s oil and gas division. He was responsible for the updated strategy for marketing of natural gas to the European market. He has also led improvements at Statoil’s onshore facilities.

“Statoil is well positioned for the future,” Mr Sætre said. “We have a solid financial platform and a highly competent organization. Our industry is currently experiencing large uncertainty. Statoil started the work to improve our competitiveness early. We have our work cut out for us, but we are well prepared to tackle these challenging times.”

“Statoil is changing, but one thing remains firm,” Mr Sætre continued. “My first and foremost responsibility is for safe and secure operations. Going forward, we will bring with us the best of what Statoil represents. Our key focus will be on the Norwegian Continental Shelf, where we will look to deepen and extend our position. At the same time, we will continue to pursue international opportunities, where we have competitive advantages.”

“Statoil’s strategy is future oriented and well anchored. Three areas stand out to me as of particular importance: On the Norwegian Continental Shelf we will strengthen and extend our position. Internationally, we will invest where we can create material and profitable positions. We will also strengthen our efforts in the transition to a low-carbon society. Competitiveness and sustainability is of critical importance, either in oil and gas production or future projects in renewable energy.”

Statoil’s previous CEO Helge Lund resigned in October.

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