Statoil confirms Eldar Sætre as CEO

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Statoil has confirmed the appointment of Eldar Sætre  as new CEO after four months  as acting as president and CEO.

Sætre who has 35 years’ experience from Statoil and the oil- and gas industry has extensive operational and financial experience from Statoil and having been a member of the Corporate executive committee since 2003 starting as CFO, and later became executive vice president for the business area Marketing, processing and renewable energy.

“Eldar Sætre was our first choice. The industry and company are facing demanding challenges. Eldar stands out with his long experience and ability to create change. Those are qualities we need in times like these. I am extra pleased that we were able to recruit the next CEO from within Statoil,” says Statoil’s chair of the Board, Svein Rennemo.

According to the new CEO the company is well prepared  to deal with the large uncertainity in the industry thus he understands he has his work well cut out with foremost focus being to ensure safe and

“Going forward we will bring with us the best of what Statoil represents. Our key focus will be on the Norwegian continental shelf, where we will look to deepen and extend our position. At the same time we will continue to pursue international opportunities, where we have competitive advantages,” says Sætre.

Chair of the Board Svein Rennemo has headed a subcommittee of the board that, following the resignation of Helge Lund in October of last year, has been responsible for the search for Statoil’s next CEO.

“We have conducted a comprehensive search. We have evaluated Norwegian and international candidates, both in- and outside the company,” says Rennemo.

Among challenges the next CEO is expected to overcome according to the board include: Improving Statoil’s competitiveness, through a strengthened efficiency and improvement agenda, navigating a macroeconomic situation with larger uncertainty and stronger pressure on industry margins and increasing the speed of the company’s transition towards a low carbon society.

“The candidate we were looking for needed in depth knowledge of the oil and gas industry, and a strong understanding of Statoil´s challenges and opportunities. Those are non-negotiables for succeeding in this role,” says Rennemo.

Eldar Sætre has played a key role during Statoil’s IPO and the merger with Norsk Hydro’s oil and gas division.  He was responsible for the updated strategy for marketing of natural gas to the European market. He has also led the improvement work at Statoil’s onshore facilities.

Statoil is present in more than 30 countries around the world including in Tanzania where it has announced over seven natural gas discoveries in Block 2 and Block 6.

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