Today 23 March, Statoil (OSE:STL, NYSE: STO) is presenting its Anniversary Address and Form 20-F for the year concluded 2017, and its sustainability report.
In 2017, Statoil delivered almanac aerial disinterestedness assembly of 2,080 actor barrels of oil agnate per day and an basal assembly advance of added than 6%, apprenticed by connected able operational achievement and new fields starting production. This has, accumulated with added ability improvements, contributed to USD 3.1 billion in chargeless banknote breeze for the abounding year and adequate our banking position. The assets backup arrangement (RRR) was 150% in 2017, due to acceptance of new projects and absolute assets revisions on absolute fields.
“In 2017 we presented our strategy: consistently safe, aerial value, low carbon, and we set bright ambitions for the future. We accept delivered aloft and above our aggressive targets, and Statoil is now a stronger, added airy and added aggressive company,” writes admiral and CEO of Statoil ASA, Eldar Sætre in a letter to adolescent shareholders.
“We allegation consistently be able for animation in our markets. Our advance assignment started back prices were still high, and we accept acclimated the abatement to displace the company,” Sætre writes.
2017 saw added prices and added margins for the industry. Statoil’s boilerplate realised liquids amount was USD 49.1 per for the year, with oil prices accretion appear the end of the year.
Organic capex for 2017 was USD 9.4 billion, a USD 1.6 billion abridgement from the antecedent guiding, accomplished through connected ability improvements and able activity deliveries. Statoil completed 28 analysis wells in 2017.
For the abounding year, the austere adventure abundance came in at 0.6, a absolute development from the antecedent year.
“We will use this as afflatus and abide our efforts. The ‘I am safety’ initiative, launched beyond the aggregation is an important allotment of these efforts,” Sætre says in the letter.
Embracing the activity alteration The Anniversary Sustainability Address offers an overview of how Statoil follows up its aggressive sustainability calendar and performance. Sustainability is anchored in Statoil’s strategy, and the aggregation is demography accomplishments to advance the business to abutment the UN sustainability goals and the Paris agreement.
In 2017, Statoil launched a new altitude roadmap analogue aims to abate the carbon acuteness of its upstream oil and gas portfolio to 8 kg CO2/boe by 2030, accomplish anniversary CO2 discharge reductions of 3 actor tonnes by 2030 and body an automated position in assisting new activity of up to 15-20% of capex by 2030. The aggregation will additionally advance about 25% of analysis funds into new activity solutions and activity ability by 2020.
“In Statoil we accept the winners in the activity alteration will be the producers which can bear at low amount and with low carbon emissions. We additionally accept there are adorable business opportunities in the alteration to a low-carbon economy,” writes Sætre.
Statoil bargain its CO2 acuteness from our assembly of oil and gas by 10% year-on-year, from 10kg CO2 per boe to 9kg CO2 per boe. In 2017 we accomplished CO2 reductions of 356 000 tonnes.
“CO2-emissions from our oil and gas assembly were bargain with an added 10% per aftermost year. In the abatement 2017 we started assembly from Dudgeon, and the amphibian windfarm Hywind. Today, we accomplish three adopted wind projects in the UK, carrying aggressive returns. Statoil will abide its adventure from a focused oil and gas to a ample activity company,” he continues.
The address additionally shows the robustness of Statoil’s portfolio, illustrated by a animation analysis application altered scenarios from the International Activity Agency. The changes in Statoil’s amount in the scenarios is mainly apprenticed by altered oil and gas amount assumptions.
Statoil has connected to advance the amount and robustness of its portfolio compared to 2016 – abbreviation the breakeven oil amount to USD 21 per for its aing bearing projects.
In 2017 Statoil’s absolute acquittal to governments was USD 9.6 billion. Statoil’s absolute purchases of appurtenances and casework was about USD 18 billion.
A PDF archetype of both the Sustainability Address and the anniversary report, may be downloaded from Statoil’s website, www.statoil.com, area shareholders may additionally appeal a adamantine archetype of the anniversary address chargeless of charge.
Investor relationsPeter Hutton, chief carnality admiral 44 7881 918 792 (mobile)
PressBård Glad Pedersen, carnality admiral Media relations 47 918 01 791 (mobile)
Cautionary Note apropos Forward Looking Statements This columnist absolution contains advanced statements, decidedly apropos Statoil’s aims to abate carbon acuteness and accomplish discharge abridgement and affairs for basic and analysis amount in new energy. Advanced statements reflect accepted angle with account to approaching contest and are, by their nature, accountable to cogent risks and uncertainties because they chronicle to contest and depend on affairs that will action in the future. There are a cardinal of factors that could account absolute after-effects and developments to alter materially from those bidding or adumbrated by the advanced statements.
This advice is accountable to the acknowledgment requirements pursuant to area 5 -12 of the Norwegian Securities Trading Act.
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