Statoil Releases 2015 Sustainability Report

Statoil Johan Sverdrup
Illustration of the Johan Sverdrup living quarters. / Credit: Statoil

Statoil has published the annual sustainability report and the payments to governments report for 2015.

The company delivered annual equity production of 1.971 million barrels of oil equivalents per day last year, up 2% from 2014 due to start-up and ramp-up on various fields, higher gas sales from the Norwegian continental shelf (NCS) and improved operational performance.

The discovery rate was high (~45%) in 2015, which was the company said one of the best years related to access to new acreage. However, the average discovered volumes per well rate were low in 2015.

There were three contractor fatalities related to the company’s activities in the fourth quarter of 2015, including one on the NCS and two in our US onshore operations. The serious incident frequency (number of serious incidents per million hours worked) was 0.6 for the year.

In a response to a shareholder resolution, Statoil has disclosed additional information about ongoing operational emissions management in its 2015 Sustainability report. The information includes asset portfolio resilience to post-2035 scenarios, low carbon energy research and development and investment strategies, public policy intervention and strategic key performance indicators and link to executive incentives.

According to Statoil, the analyses of the company’s asset portfolio resilience to post-2035 scenarios shows that the IEA 450 scenario would have a limited impact on the resilience of its asset portfolio, compared to its internally established economic planning assumptions. The IEA 450 scenario is compatible with a global warming of maximum of two degrees Celsius.

Statoil President and CEO of Statoil ASA, Eldar Sætre stated that “the profitability of the oil and gas industry continued to be challenged and Statoil’s reported financial results in 2015 were influenced by decreased prices.

“We are now stepping up our efficiency programs and Statoil is well positioned to capture value from an expected upturn in the market.”