Statoil presents annual and sustainability reports for 2014
March 19 2015 - 3:05AM
Statoil (OSE:STL, NYSE: STO) is presenting the annual and
sustainability reports for 2014 today, 19 March, together with the
new payments to governments report.
"In 2014 we continued to deliver solid operational results. Our
production efficiency improved significantly, we are on track with
our improvement programmes and we continued to deliver good safety
results. However, the profitability of our industry continues to be
challenged and Statoil's financial results are highly impacted by
the fall in oil prices," states Eldar Sætre, president and CEO of
Statoil ASA, when commenting on the reports presented today.
Statoil delivered annual equity production of 1.927 million
barrels of oil equivalent per day in 2014. This is a result of
improved production efficiency and start-up of new fields. The
increased production represents a growth of 4% from a rebased 2013
level. Statoil continues to be among the leading exploration
companies in the industry and strengthened the reserve base through
exploration, adding 540 million barrels of expected resources.
The serious incident frequency (measured as incidents per
million hours worked), including Statoil's employees as well as our
suppliers', decreased from 0.8 in 2013 to 0.6 in 2014. However,
this solid result is overshadowed by two fatalities in the
contractor workforce in the US onshore operations.
Sustainability matters
Statoil also publishes today its sustainability report. Statoil
continues to have high sustainability ambitions. One ambition is to
be recognised as the most carbon efficient oil and gas producer.
The results presented in the sustainability report confirm that
Statoil is currently one of the world's most carbon efficient oil
and gas companies.
Statoil's goal for 2014 was to identify measures that would cut
250,000 tonnes of CO2 emissions from our production. Measures were
identified that actually will cut 339,000 tonnes of CO2 emissions.
In addition steady progress was made towards meeting the 2020
carbon efficiency targets.
"Statoil takes an active and industrial approach to
sustainability. To us, sustainability is a business matter, where
the need to remain highly competitive is combined with and
strengthened by our efforts to accelerate the development of more
carbon-efficient solutions. Being a trusted company with a
long-term social license to operate will enhance future business
opportunities," says Sætre.
Revenue transparency
In December 2013, the Norwegian Parliament adopted a new law
that requires disclosure of payments to governments per project,
country and government receiver. The purpose of the legislation is
to enhance transparency in the extractive industries and to combat
corruption. Similar legislation has been adopted by the EU.
Statoil will be the first major oil and gas company that reports
in accordance with the new regulations.
"This report, a first of its kind, represents a milestone in
transparency efforts both by the Norwegian government and Statoil.
Statoil has invested considerable resources to establish new
processes and systems for this reporting," says Sætre.
The payments to governments report is published on Statoil's
website today and contains detailed information about payments
related to the company's extractive operations in all
countries.
***
Users may download the entire report, or part of it, at
www.statoil.com/downloads, while printed versions are obtainable
from www.statoil.com/orderreports
Contacts
Investor relations Peter Hutton, senior vice
president +44 7881 918 792 (mobile)
Press Jannik Lindbæk jr., vice president Media
relations +47 977 55 622 (mobile)
This information is subject of the disclosure requirements
pursuant to section 5-12 of the Norwegian Securities Trading
Act.
Statutory report 2014
http://hugin.info/132799/R/1904695/677647.pdf Sustainability report
2014 http://hugin.info/132799/R/1904695/677648.pdf Annual report
2014 on Form 20 F http://hugin.info/132799/R/1904695/677649.pdf
HUG#1904695
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