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Statoil appoints new President and CEO

LNG Industry,


Statoil’s Board of Directors has appointed Eldar Sætre as the company’s new President and CEO.

Sætre has been acting as President and CEO since October 2014, and assumes the role with immediate effect. He has 35 years of experience from Statoil and the oil and gas industry.

‘First choice’

“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," explained Statoil Board Chair, Svein Rennemo.

Sætre has considerable operational and financial experience from Statoil. He has been a member of the corporate executive committee since 2003. He started as CFO, and later became Executive VP for the Marketing, Processing and Renewable Energy (MPR) business area.

Uncertain industry

Commenting on Statoil’s prospects, Sætre said: "Statoil is well positioned for the future. We have a solid financial platform, and a highly competent organisation. Our industry is currently experiencing large uncertainty. Statoil started the work to improve our competitiveness early. We have our work cut out for us, but we are well prepared to tackle these challenging times.

"Statoil is changing, but one thing remains firm: My first and foremost responsibility is for safe and secure operations. 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.”

Competitiveness

"Statoil´s strategy is future oriented and well anchored. Three areas stand out to me as of particular importance: On the Norwegian continental shelf we will strengthen and extend our position. Internationally we will invest where we can create material and profitable positions. We will also strengthen our efforts in the transition to a low carbon society. Competitiveness and sustainability is of critical importance, either in oil and gas production or future projects in renewable energy," Sætre continued.

Future challenges?

The three main challenges facing Eldar Sætre in his new role are:

  • Improving Statoil’s competitiveness, through a strengthened efficiency and improvement agenda.
  • Navigating a macroeconomic situation with larger uncertainty and stronger pressure on industry margins.
  • Increasing the speed of the company’s transition towards a low-carbon society.

"When I came into the job, I fully experienced how inspiring and energising this position is. I enjoy the challenges, and look forward to taking on the job with an even longer perspective. I take on the job with a long-term perspective on the tasks and challenges. I will do it for as long as the board and I agree that I am the right man for the job,” Sætre concluded.


Adapted from press release by Katie Woodward

Read the article online at: https://www.lngindustry.com/liquid-natural-gas/04022015/statoil-appoints-saetre-to-ceo-role-179/


 

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