Statoil Appoints New CEO with Strong Financial Background

Statoil’s decision to appoint Eldar Sætre as its new president and CEO is the last proof of the the European industry’s increasing focus on financial solidity. 

“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," Eldar Sætre, Statoil's new president and CEO, commented in a note.

Sætre, who is a member of the corporate executive committee since 2003, started as Chief Financial Officer. His last title was vice president for Marketing, Processing and Renewable Energy. This might be a sign of increased investments in renewable energy.

For what concerns the upstream segment, Sætre illustrated that the Norwegian Continental Shelf will remain the backbone of its operations. New investments are not excluded.

“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 commented.

Earlier this week, the company continued its rationalisation efforts, mothballing its plans in the Arctic Barents Sea and proceeding with divestments in North America.