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December 01, 2015 10:23 PM ET

Oil, Gas and Consumable Fuels

Company Overview of Statoil Petroleum AS

Company Overview

Statoil Petroleum AS explores, produces, and transports petroleum and petroleum-derived products primarily in Norway. It sells and transports crude oil, natural gas, petroleum, and chemical products. The company also offers pipeline transportation and gas storage activities, as well as processes petroleum products. It primarily has operations in Norway, rest of Europe, and North America. The company was formerly known as StatoilHydro Petroleum AS and changed its name to Statoil Petroleum AS in March 2009. The company was founded in 2007 and is based in Stavanger, Norway. Statoil Petroleum AS is a subsidiary of Statoil ASA.

Forusbeen 50

Stavanger,  4035


Founded in 2007


47 51 99 00 00


47 51 99 00 50

Key Executives for Statoil Petroleum AS

Managing Director, General Manager, Controller of Finance & Control and Director
Chairman, Chief Financial Officer and Executive Vice President
Age: 46
Senior Vice President DPN Finance & Control and Director
General Counsel and Director
Age: 53
Manager Tax and Director
Compensation as of Fiscal Year 2015.

Statoil Petroleum AS Key Developments

Statoil Petroleum as Announces Cancellation of the Service Contract of COSLPioneer

Statoil Petroleum AS announced the cancellation of the service contract of COSLPioneer, a semi-submersible drilling rig of the Group. The Group and Statoil have reached agreement on settlement in respect of the cancellation, and Statoil will pay the Group a compensation equivalent to a certain percentage of the daily rate of COSLPioneer for the remaining term of the contract (from 23 June 2015 to 15 August 2016). Statoil praised COSLPioneer and its personnel on the safe operation and efficiency and explained that the cancellation was due solely to the volume of operation.

Rosneft and Statoil Petroleum as Start Exploration Operations on the Norwegian Continental Shelf in the Barents Sea

Rosneft together with Statoil Petroleum AS started exploration operations at the Pingvin License PL713prospect in the Norwegian section of the Barents Sea. The first exploration well Pingvin-1 will be drilled by the Transocean Spitsbergen rig. The water depth is 422 meters and the drilling target total vertical depth (TVD) is 1,516 meters. The companies expect to analyze the drilling results until the end of 2014.

COSL Offshore Management AS Announces Settlement of Claims Against Statoil Petroleum AS

China Oilfield Serviced Limited announcement of the Company dated 11 October 2013 in relation to the claims filed by COSL Offshore Management AS (COM) against Statoil Petroleum AS (Statoil) of Norway at the Stavanger District Court of Norway for (i) outstanding standby fees for the installation of third-party equipment at the drilling platform COSLInnovator in the amount of approximately NOK 145,000,000 and USD 46,000,000 and associated interests, and (ii) outstanding standby fees for the installation of third party equipment at the drilling platform COSLPromoter in the amount of approximately NOK 165,000,000 and USD 51,000,000 and associated interests, respectively. The aggregate amount of the Claims was approximately RMB 924 million and associated interests. After the filing of the Claims, both parties have made submissions to the Court and have entered into settlement negotiations in accordance with the procedures of the Court. On 13 June 2014, COM and Statoil have agreed to the settlement of the Claims and a sum of USD 65,000,000 will be paid by Statoil to COM as full and final settlement. COM will agree to apply to the Court for the withdrawal of the Claims. Such settlement sum will be payable by Statoil before 13 July 2014. The settlement would not have any adverse effect on the financial positions of the Company. The Company considers the settlement will be beneficial to the maintenance of the continuous good working relationship with Statoil.

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