Statoil strategy unaffected by leadership change
A new CEO has been named for the company, but cost cuts are unlikely to change
After more than 10 years at the helm, in October Statoil's chief executive Helge Lund announced his departure for BG Group. The company he leaves faces many challenges, though analysts believe his successor is unlikely to deviate from the company's present strategy. The board named Eldar Saetre as acting president and chief executive, and has established a sub-committee to search for Lund's replacement. Whoever that will be will take over a company that, in the words of Fondsfinans analyst Morten Evjenth Lindbaeck, is "in good shape and [has] further opportunities". But, likes its peers, Statoil is cutting costs and optimising its portfolio. Lindbaeck says the programme laid out in Februar
Also in this section
11 August 2025
The administration is pushing for deregulation and streamline permitting for natural gas, while tightening requirements and stripping away subsidies from renewables
8 August 2025
The producers’ group missed its output increase target for the month and may soon face a critical test of its strategy
7 August 2025
The quick, unified and decisive strategy to return all the barrels from the hefty tranche of cuts from the eight producers involved in voluntary curbs signals a shift and sets the tone for the path ahead
7 August 2025
Without US backing, the EU’s newest sanctions package against Russia—though not painless—is unlikely to have a significant impact on the country’s oil and gas revenues or its broader economy
