Statoil Forms New Exploration Unit

A new global exploration unit in Statoil encompassing approximately 100 geologists will be established before the end of the year. The new unit will be responsible for accessing and proving new high potential acreage worldwide based on the best possible utilization of the group's exploration resources.

"Statoil has a very experienced team of geo-personnel. By bringing the various teams together in one organization we will lay the basis for increased efficiency and enhanced creativity," says Richard Hubbard, executive vice president for International Exploration & Production (INT).

The new exploration unit has been established on the basis of recommendations by a working group consisting of representatives from Exploration & Production Norway (EPN), INT and Technology (TEK). The new global exploration unit (GEX) will report to E&P INT.

"Our targets in the exploration area are very ambitious. Consequently we have to create an organization where we as a group make the most out of our total expertise. Thus our exploration personnel will work as an integrated team, regardless of whether they are evaluating the Norwegian continental shelf (NCS) or areas elsewhere," says Mr. Hubbard.

Around 100 exploration geologists will remain within the various areas on the NCS. The reason for this is to maximize focus on enhanced recovery in the core areas, and to develop the best solutions for the awarded areas.

"The new organization model will allow us to focus even better on exploration and enhanced oil recovery in our core areas and awarded acreage on the NCS. In addition the 17th licensing round and other new areas on the NCS will benefit from the support of the broad experience within the GEX organization. This way we will improve our position on the NCS, says Henrik Carlsen, executive vice president for EPN.

The work within GEX will be organized in projects. Initially the projects will be 17th round on the NCS, the Barents Sea (except the Tromso Patch core area), global and regional screening, Venezuela, Kazakhstan, Iran and Brazil.

The new organization will take effect January 1st.


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