Statoil Makes Organizational Changes

Effective August 31st, Statoil's president and CEO Helge Lund has made changes to the group's organizational structure and appointed a new corporate executive committee.

The new corporate executive committee is as follows:

President and CEO
Helge Lund

Executive vice presidents:
Terje Overvik - Exploration & Production Norway
Peter Mellbye - International Exploration & Production
Rune Bjørnson - Natural Gas
Jon Arnt Jacobsen - Manufacturing & Marketing
Morten Loktu - Technology & Projects
Eldar Sætre - planning, finance and control - chief financial officer (CFO)
Margareth Øvrum - health, safety and the environment (HSE)
Erling Øverland - staffs and special projects

A new executive vice president for human resources will be appointed at a later date.

"I'm pleased to be able to present a strong management team with broad experience, and one which represents both continuity and renewal," says Mr Lund.

"The corporate executive committee will collectively ensure a complete perspective in Statoil's future development. Our main objective is to strengthen Statoil as an internationally competitive company. We will develop an organization which will be characterised by its commercial behavior, strong expertise, adaptability and high level of integrity."

Balanced and focused organization

Statoil will comprise the following five business areas:
Exploration & Production Norway
International Exploration & Production
Natural Gas
Manufacturing & Marketing
Technology & Projects

The group's ability to execute projects is to be strengthened with the formation of a separate entity for Technology & Projects. International Exploration & Production will be responsible for the group's commitment in the Barents Sea, and will ensure a good interaction with the group's activities elsewhere in Russia. The corporate staff functions for health, safety and the environment and for human resources have also been brought into the corporate executive committee.

"Statoil's new organizational structure entails three significant changes," explains Mr. Lund.

"It strengthens the group's ability to execute large projects, the business areas become more focused, and value creation along a triple bottom line will become clearer."

The most important changes:
- To strengthen the group's ability to execute large projects, project responsibility is being transferred from Exploration & Production Norway to Technology & Projects.

"A unified organisation for Technology & Projects will reinforce project execution, further enhance expertise in this important area, and develop competitive technology positions," says Mr Lund. "To ensure continuity in responsibility for the Snøhvit development, reporting for this project will remain with Terje Overvik."

Technology & Projects will comprise the entire existing technology organization, and resources will be transferred from the technical project services cluster in Exploration & Production Norway and the process and pipeline technology unit in Natural Gas.

"Apart from strengthening Statoil's technology and project organization, this will also create more distinct business areas and therefore clearer responsibilities," explains Mr. Lund.

- In addition to the group's established areas outside Norway, the International Exploration & Production business area will be responsible for the group's commitment in the Barents region.

"I'm glad that one of our most experienced managers, Henrik Carlsen, will be responsible for this key priority area," comments Mr. Lund.

- The corporate staff functions for HSE and for human resources will be important arenas for Statoil's future development.

"Statoil's value creation is spread over three bottom lines: finance, HSE, and social conditions and responsibility," concludes Mr Lund. "It is therefore important to me that all these areas receive a strong focus from management in the future."

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