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Statoil ceo joins BG Group

Statoil ceo joins BG Group
Statoil president and ceo Helge Lund today unexpectedly resigned in favour of the top post at British rival BG Group.  

Lund oversaw increases in market capitalisation from NOK189bn to more than NOK500bn, production increases from 1.1m to 1.9m barrels of oil equivalent per day, 38 new exploration wells, and a more than two-thirds fall in the number of serious incidents, during his 10-year tenure.

"Under [Lund’s] leadership Statoil has become a stronger company,” said chairman Svein Rennemo. “We have seen improved safety performance, significant international growth and a strong development on the Norwegian continental shelf. Exploration results and shareholder return have both been among the best in the industry and the company's integrity and values are strengthened.”

With falling oil prices, however, Statoil has been experiencing a difficult period, prompting divestments and job cuts. On Monday it emerged that Statoil was divesting its remaining share in the Shah Deniz field in Azerbaijan, relinquishing an output of 38,000 barrels of oil equivalent per day to Malaysian rival Petronas.

The outgoing ceo stated: "I could have continued for a period, but there is a time for everything. Renewal is important, both for Statoil and for me. I came to the conclusion that the time was right for a change. I have both the motivation and energy to take on a new leadership challenge, and found this opportunity to be the right one."

The company has appointed Eldar Sætre as acting president and ceo of Statoil with immediate effect. Sætre previously held the post of executive vice president of the Marketing, Processing and Renewable energy business area.

Commenting on Lund's appointment as chief executive of BG, chairman Andrew Gould said: "Helge’s track record speaks for itself. He has built a world-class exploration and production portfolio at Statoil, and the company is now widely admired for its technical expertise, financial performance and strong, values-based culture. Helge is ideally suited to lead BG Group in the next phase of its growth, and to accelerate the creation and delivery of value for our shareholders, while delivering the group's business plans."

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