Article | Last updated: 2016-07-20 | Ministry of Petroleum and Energy
Statoil is an international energy company with about 22 000 employees in 37 countries. Its main activities are oil and gas production.
The company is operator for about 70 % of all oil and gas production on the Norwegian shelf. The company was established in 1972 and is listed on the Oslo and New York stock exchanges.
Statoil's board is responsible for commercial development of the company. The Norwegian state owns 67 % of the shares in Statoil, and the Ministry of Petroleum and Energy is responsible for managing the state's ownership interest.
The objective of state ownership of Statoil is to maintain a knowledge-based, high-technology company that has its main base in Norway. The company is to be run commercially with the aim of delivering a competitive return. On the basis of guidelines specified in a sale and marketing instruction, Statoil is responsible for the sale of the Norwegian state's oil and gas, as well as the company's own reserves. This arrangement presupposes that the state is the majority owner of Statoil and that the ownership of Petoro AS and the State's Direct Financial Interest (SDFI) is managed by the same ministry.