In recent years we have evolved our business model significantly with the global shift towards sustainability and reducing carbon emissions, with an ambition to become a net-zero company by 2050.
Our business model is underpinned by a strong emphasis on safety, stakeholder engagement, and adherence to regulatory standards.
Upstream operations (exploration and production): The core of our business has been rooted in the exploration, development, and production of crude oil and natural gas, including operations on the Norwegian Continental Shelf (where we are the largest operator) and international oil and gas production in various parts of the world.
Downstream operations: Our downstream operations include refining, marketing, and distributing oil and gas products, but our downstream presence was considerably reduced following the sale of Statoil Fuel & Retail to Alimentation Couche-Tard in April 2012.
Renewable energy: In recent years, we have made significant investments in offshore wind farms, solar energy, and carbon capture utilisation and storage (CCUS) projects. Our goal is to transition from being a traditional oil and gas company to becoming a broader energy company, reducing the carbon intensity of our products in the process.
Research and development: We invest heavily in research, technological developments and digitalisation to optimise our production, enhance recovery rates from existing fields, and develop new energy solutions that are more environmentally friendly.
Strategic partnerships: We frequently collaborate with other industry players, technology firms, and even governments. These partnerships can help share risks, costs, and expertise, especially when entering new markets or developing large-scale projects.
Sustainability and low carbon strategy: Recognizing the global shift towards cleaner energy sources and the need to combat climate change, we have integrated sustainability into our business strategy. We have set ambitious targets to reduce our carbon emissions and intensify our push into renewable energy.
