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Statoil publishes annual and sustainability report for 2011

Friday, Mar 23, 2012

Statoil (OSE:STL, NYSE:STO) published the group’s Annual and Sustainability Report for 2011 on its website today, 23 March, as well as its US Annual Report and accounts on Form 20-F.

“2011 was a good year for Statoil. We improved on safety and delivered more stable operations. As a result, our financial performance was strong – a record net operating income and a competitive shareholder return,” writes chief executive Helge Lund in his introduction to the annual and sustainability report.

Last year was also marked by Statoil’s unveiling of its updated strategy as a technology-focused upstream company. The ambition is to grow production to above 2.5 million barrels per day in 2020.

“Portfolio management added around 500 million barrels of expected new resources in 2011. This is considerably more than we divested, strengthening the foundation for long-term growth,” notes Lund.

“A strong exploration performance also added more than 1 billion barrels to our resource base. The Johan Sverdrup field in the North Sea is one of the world's largest oil discoveries in recent years, the Skrugard and Havis high-impact discoveries represent a breakthrough in the Barents Sea, and we made a high-impact discovery on Peregrino South in Brazil.”

Statoil’s annual report presentation this year features a virtual panel debate focusing on stakeholder expectations – and the ways in which the company is responding to these challenges. Sustainability reporting is also fully integrated in the report. “This reflects our commitment to long-term, sustainable growth in line with the principles of the UN Global Compact,” Lund writes.

The HTML version of the Form 20-F report will be available on the US Securities and Exchange Commission's website in the Edgar database at www.sec.gov from 16.00 Central European Time (11.00 Eastern Standard Time) today.

The legally required part of the annual and sustainability report will be available in a printed version on 26 April at the latest, together with the printed version of Form 20-F and Statoil In Brief 2011/2012.

At that time, the report will be distributed electronically to those shareholders who have opted to receive the report in this form.

Statoil In Brief 2011/2012 – a short version of the annual report – will be distributed to all other shareholders registered in the Norwegian Central Securities Depository (VPS).

Interested parties can download parts of or the report in its entirety at www.statoil.com/downloads, while printed versions can be ordered at www.statoil.com/orderreports.

Source: Statoil

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