Success not to be taken for granted

August 29, 2002, 10:00 CEST

Chief executive Olav Fjell will hold a keynote speech entitled Creating value from the northern seas at the ONS conference in Stavanger today, 29 August, at 9.00.

The theme for today's session at ONS is future value creation on the Norwegian continental shelf. The core of Mr Fjell's message is that although the resource and value potential remains large, success must not be taken for granted.

"To continue the success created through 30 years' oil and gas production on the NCS, extensive reforms to traditional production models could be necessary," says Mr Fjell.

He says further that commitment and hard work by all involved parties will be required. "In addition to Statoil's own efforts we need constructive contributions by our employees, the authorities, our partners and the supplies industry. We must leave no stone unturned in our search for the most future-oriented and value-maximising operational solutions."

In his speech Mr Fjell mentions the specific challenges and opportunities in a number of areas. In the short term, production regularity and efficient operations are important. In the longer term the group will face greater challenges associated with technology development and frame conditions.

The chief executive hopes for the authorities' cooperation in opening up new areas for the oil and gas business, so that Statoil will be able to maintain an adequate level of exploration. "If we are serious about the long-term ambitions for the NCS, we have to consider the requirements for new exploration acreage."