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New structure

February 19, 1999, 13:30 CET

The Statoil group is restructuring its organisation to achieve improved results.

Commercial operations in Statoil are being reorganised into five business areas as part of a new overall structure for the group.

The five are Exploration & Production Norway, International Exploration & Production, European Gas, Nordic Energy & Retail and Industry & Trading.

 

A separate unit, reporting to the chief executive, is also being established for managing the state's direct financial interest (SDFI).

In addition, a senior vice president, again reporting to the chief executive, will be appointed for international relations and alliances.

The group will have a Corporate Staff with 100-150 people, a Shared Services unit and a central Technology unit.

Each of the business areas contains independent business units responsible for their own bottom line. These units form the building blocks of Statoil's commercial operations.

The new management model is designed to ensure that the group:

* has operational and strategic control of its integrated upstream operations, including exploration as well as development and operation of oil and gas fields off Norway and internationally

* achieves a strategic development of its gas operations in Europe and lays the basis for a focused commitment to the Nordic energy market

* strengthens its position as a global trader for oil and oil products, and develops its industrial operations through active ownership.

* enhances value creation for the SDFI in a cost-effective manner.

The restructuring of the Statoil group is due to be completed by 5 May.