Norway: Statoil Releases 2010 Annual and Sustainability Report

Statoil published the group’s Annual and Sustainability Report for 2010 on its website today, 25 March, as well as its US Annual Report and accounts on Form 20-F.

“2010 was a year of important strategic progress and active portfolio management for Statoil. We carried out a successful listing of Statoil Fuel and Retail, further clarifying our strategic profile as a technology focused upstream company,” writes chief executive Helge Lund in his introduction to the annual and sustainability report.

Lund notes that Statoil through the Peregrino and oil sands transactions strengthened the balance of the portfolio, increased the group’s financial flexibility, and created substantial shareholder value. In 2010 Statoil also continued the high activity on the Norwegian continental shelf and further matured the assets.

“Safety is our top priority and we continue to improve our overall safety results. However, specific incidents in 2010 shows that we cannot rest in our effort to further strengthen our safety performance. On the production side, we delivered high volumes during the first half of 2010, demonstrating our portfolio’s capacity. During the second half of the year we experienced specific operational issues, taking the annual production somewhat below what we expected. We nevertheless delivered strong cash flow and financial results”, Lund adds.

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Source: Statoil, March 25, 2011;