Statoil and Equinor

Carbon capture and storage (CCS) is often presented as a means of combating climate change – and has already been under way on Norway’s Sleipner gas field since 1996.

Nigeria was Africa’s largest oil producer and one of the world’s biggest exporters of this commodity, with Angola close on its heels. These two big west-coast petroleum nations were designated as the second big priority area for the Statoil-BP alliance. But war, corruption, intricate licensing systems and domestic opposition did what they could to undermine the commitment.

Many groups, both Norwegian and foreign, visited Statoil in the 1970s. The company welcomed 700 guests in the first half of 1977 alone. But some meetings yielded unintended culture clashes.

As part of the aggressive international exploration strategy pursued when Helge Lund was CEO, Statoil sought and secured licences in deepwater blocks off Colombia in 2014. This drive continued under Eldar Sætre, and Statoil also became involved in Myanmar (2014), Nicaragua (2015), South Africa (2015), Turkey (2016), Uruguay (2016) and Argentina (2017). After the oil downturn in 2014, however, the brakes were eventually applied.

An international commitment had long been a dream at Statoil, and the office doors finally opened in the spring of 1983 at the company’s first foreign subsidiary – Statoil Netherlands BV in the Hague. Two Norwegians and a Dutch secretary moved in.

A separate subsidiary was established by Statoil in Singapore during 1991 to pursue oil trading in east Asia. The company wanted a presence in a region where many countries were experiencing strong economic growth and rapidly increasing demand for oil. Statoil Asia Pacific Pte Ltd became operational on 1 January 1992 and has since expanded.