By Kjetil Malkenes Hovland
OSLO--Norway's Statoil said Tuesday it appointed Anders Opedal
as chief operating officer, a new position created to drive the
company's operational efficiency and improvement programs, as it
ramps up cost cutting amid lower oil prices.
"He will be a driving force in our effort to further improve the
safety and efficiency of our operations," said Chief Executive
Eldar Saetre. "I really look forward to his contribution to develop
a highly profitable, competitive and resilient Statoil."
Mr. Opedal, a Statoil employee since 1997, is currently senior
vice president of projects in the Technology, Projects and Drilling
business area, supervising the company's roughly 300 billion kroner
($38.1 billion) project portfolio. He will take up his new position
on April 1 and join the company's corporate executive
committee.
Mr. Opedal's appointment comes about a year after Statoil
introduced a campaign to counter rising costs--well ahead of the
recent plunge in oil prices to about $55 a barrel from over $100 a
barrel a year ago. Last month, the company increased its
cost-cutting plans by 30%, aiming to lower costs $1.7 billion
annually by 2016, compared with $1.3 billion previously. So far, it
has saved about $500 million.
Statoil has also said it has the flexibility to delay projects.
Earlier this month, it further delayed the Johan Castberg field in
the Barents Sea and the project to boost output at the aging Snorre
field in the North Sea.
"We must prepare for challenging times," Mr. Saetre said.
"Uncertainty and volatility will remain a key part of our business
environment. Against this backdrop, I have decided to establish a
chief operating officer role to drive our corporate-wide efforts to
strengthen safe and efficient operations across Statoil."
Mr. Opedal has a masters degree in business administration from
Heriot-Watt University and an engineering degree from the Norwegian
University of Science and Technology in Trondheim.
Write to Kjetil Malkenes Hovland at
kjetilmalkenes.hovland@wsj.com
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