Norway’s Equinor saw its profits slide by 98% - a drop of £3.8billion – year-on-year as the Covid-19 pandemic and oil price crash took effect.
Impairments of £2.1billion dragged Equinor into the red in the third quarter of the year while revenues and production also fell.
Equinor’s UK boss is preparing to become the top advisor to the Norwegian energy giant’s chief executive.
Equinor chief executive Eldar Saetre took home a total of £1.5m in overall pay last year.
Statoil has made a slight but incredibly significant change to its brand.
Statoil is aiming to reduce its annual CO2 emissions by 3million tonnes by 2030.
Statoil's chief executive has claimed there is no connection between the number of incidents this year and cost-cutting amid the oil downturn.
Norwegian operator Statoil widened its losses as its income for the third quarter of the year dropped to $737million compared with $883million the year previously.
With his hand over his heart Statoil's chief executive muttered: "$25 - My God."
Industry has just “scratched the surface” of what is possible in a low oil price, Statoil’s Eldar Saetre said.
Statoil's chief executive will visit the Gullfaks B platform today and meet with colleagues of those who died in a North Sea helicopter crash.
The highest carbon tax in an oil producing nation has persuaded Norway’s state-owned driller to experiment with batteries and wind turbines as an alternative for supplying electricity to offshore rigs.
Statoil’s chief executive Eldar Saetre said he “can’t afford the $100 way of thinking” as oil prices continue to decline. The boss of the Norwegian operator said oil companies have become too accustomed to a high oil price.
Norwegian operator Statoil has decided to develop its Johan Castberg discovery in the Barents Sea using an FPSO (floating, storage and offloading vessel). The company’s chief executive Eldar Saetre told a seminar in Norway that the planned concept would work well in moving the project forward at a lower cost.
Faroe Petroleum's announcement that it had discovered oil in the North Sea has been welcomed by Scottish MP - albeit that the discovery was made in the Norwegian sector.
Statoil has appointed Eldar Saetre as its new chief executive following the departure of Helge Lund to BG Group last year. Mr Saetre has been acting as chief executive and president of the Norwegian company since last October. Statoil said his annual fixed salary will be 7.7 million NOK and Mr Saetre will participate in Statoil’s programs for annual variable pay and long term incentives, as previously established for the chief executive position.