New CEO plans to make Statoil more effective

Oct 27, 2004 02:00 AM

The new Statoil CEO Helge Lund is planning to make Statoil more effective by expanding, becoming more flexible and less bureaucratic. Only three months after he took of the corner office at Statoil, Lund has informed that he has the plans ready to make Statoil more effective. The details will be presented in December, but in connection with the presentation of the record result for the third quarter, Lund highlighted what was coming.
"After three months in the company, I have gotten my impression I had of the company before I started confirmed," Lund said. "Statoil is financially a very strong company, but that does not mean that there is no room for improvement."

Lund stated that four areas will be in focus; operations on the Norwegian shelf, the expansion internationally, flexibility, and educating its employees.
"First of all, we claim it is necessary to revitalize the work on the Norwegian shelf," Lund stated. "We have to focus even more on how to increase our income." He highlightedthe need for increased extraction from fields in production, more effective drilling operations, and access to new, attractive areas.

Over half of Statoil's 24,000 employees work in Norway. Lund said he will not exclude cutting workers, but stressed that it was not his main goal.
"I'm not here to give any guarantees to anyone, but I hope we as a company have the ability to grow," Lund stated. "I hope that we over time may expand some places, while other areas may get less."

The second area of focus for Lund is the international operations. The goal is to triple the production outside Norway before the end of 2007.
"Every company will work towards growing. The international operations will therefore get further attention in the new management," Lund said. In order to reach these goals, Lund said it will be necessary to improve the qualifications of the 24,000 people on the payroll.

In addition, in some sections of the Norwegian oil industry Statoil is known for being inflexible and bureaucratic. Lund wants to change this too.
"Statoil has potential to become more flexible and less bureaucratic," Lund concluded.

Source: Nettavisen
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