Statoil to Set Up Renewable Energy Business Division

Statoil today announced changes in corporate structure and top management team. The company has appointed new chief financial officer (CFO), and launched business area for New Energy Solutions (NES).

Three new executive vice presidents (EVPs) are appointed as members of the corporate executive committee (CEC). CFO Torgrim Reitan is appointed EVP for Development & Production USA (DPUSA) after Bill Maloney decided to not prolong his contract with Statoil. Hans Jakob Hegge is appointed new EVP and CFO.

Irene Rummelhoff is appointed EVP for New Energy Solutions, and Jens Økland new EVP for Marketing, Midstream & Processing (MMP). Rummelhoff and Økland start in their new positions 1 June 2015. Reitan and Hegge will start in their new positions 1 August 2015.

The transition of the global energy systems to a low carbon society creates new business and growth opportunities within renewables and new energy solutions, the company said. Therefore, Statoil will establish a new business area for New Energy Solutions (NES) to drive further profitable growth within these areas.

Establishing NES as a separate business area reporting directly to the CEO reflects the aspirations to gradually complement the oil and gas portfolio with profitable renewable energy and other low-carbon energy solutions. A more detailed plan for the business will be developed as an integrated part of Statoil’s strategy.

As a starting point, the existing offshore wind portfolio will constitute the company’s activities in this area, Statoil explained. The ambition is to grow and potentially expand into other sources of renewable energy, while also considering appropriate financial structures. The business area will seek new opportunities to deliver attractive returns through technology and business innovation, as well as venture activities.

Irene Rummelhoff has been appointed EVP to lead the development of the business area. Rummelhoff comes from the position as senior vice president for Exploration Norway in Statoil.

Jens Økland has been appointed EVP and will head up the new Marketing, Midstream & Processing business area (MMP). The renewable business is carved out of the previous Marketing, Processing and Renewable Energy business area (MPR). Acting EVP for MPR since October 2014, SVP Tor Martin Anfinnsen will take the position as SVP marketing and trading in MMP.

Images: Statoil