Statoil Confirms Eldar Saetre as its New CEO

Statoil announced Wednesday that it has appointed Eldar Sætre as its new president and CEO. Sætre had already been serving as acting CEO since October 2014 after it was announced that Helge Lund, Statoil's previous CEO, would be leaving to head BG Group.

Statoil said that Sætre has "extensive operational and financial experience" with Statoil. He has been a member of the corporate executive committee since 2003. He started as chief financial officer, and later became executive vice president for the Marketing, Processing and Renewable Energy (MPR) business area.

"Eldar Sætre was our first choice. 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," Statoil Chairman Svein Rennemo commented in a company statement.

In his own statement Sætre noted that the oil and gas industry is "currently experiencing large uncertainty", but emphasized that Statoil "started the work to improve our competitiveness early".

Outlining Statoil's strategy, Sætre said:

"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."



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