Statoil boss is worried that oil giants will leave Norway

Equinor headquartersEquinor headquarters.Photo. Norway Today Media

Statoil chief, Eldar Sætre, is concerned that several oil giants will leave the Norwegian continental shelf. Professor Petter Osmundsen believes that opening Lofoten to exploration could lure them back.


During the past year, several major oil companies, such as ExxonMobil and Total, have stepped down on the Norwegian continental shelf. Statoil chief, Eldar Sætre, told the oil newspaper, Upstream, that the development is unfortunate.

‘On a general basis, we want variation among the participants in Norway. However, recently, we have seen that some international companies are stepping down activity, especially in the fields they operate, which is not a desired development’, said Sætre.

The Statoil boss found the list of applicants for production licenses in the 24th licensing round was a little discouraging. Several of the big companies were significant for their absence.

‘I would prefer that the major players showed more interest in areas of the Norwegian continental shelf,’ said Sætre.

Professor of Petroleum Economics at the University of Stavanger,Petter Osmundsen, agrees.

‘Norway still has large areas that are unexplored, where we need the expertise and the technical and financial capacity of the major oil companies,’he said.

Osmundsen indicated that our neighbours, the UK and Denmark, manage to hold on to the big companies by improving fiscal conditions.

‘Norway must do the same to be competitive. We must also open areas that are attractive to these companies, especially Lofoten,’ he said.


© NTB Scanpix / Norway Today