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Statoil, formerly known as StatoilHydro, is a large Norwegian offshore oil and gas company and the primary offshore oil and gas production company on the Norwegian continental shelf. In addition, Statoil operates oil and gas fields in Algeria, Angola, Azerbaijan, Brazil, Canada, China, Iran, Libya, Nigeria, Russia, the United States, and Venezuela.
Statoil’s Houston office, located at 2103 City West Blvd., Suite 800, Houston, Texas, 77042, manages the company’s United States holdings. Statoil has a significant presence in the USA, with more than 400 leases in the Gulf of Mexico and 66 in Alaska. A partial list of the company’s Gulf of Mexico presence includes a 25% interest in the Chevron-operated Tahiti oilfield, a 25% interest in the Murphy Oil-operated Thunder Hawk oilfield, a 30% interest in the Noble Energy-operated Lorien oilfield, a 25% interest in Murphy Oil-operated Front Runner oilfield, and three deepwater natural gas fields – Q, San Jacinto, and Spiderman. The Q field is Statoil-operated, while San Jacinto and Spiderman are partner-operated.
Statoil was incorporated in 1972 as the Norwegian government’s commercial instrument in the development of the oil and gas industry in Norway. In 2001, the company became a public limited company listed on the Oslo and New York stock exchanges as STL and STO respectively. The Norwegian State is the largest shareholder in Statoil, with an ownership interest of 67%. Its ownership interest is managed by the Ministry of Petroleum and Energy. Statoil’s stated strategy is to grow its long term oil and gas production while gradually building a position in renewable energy production, especially the offshore wind market. In September 2009, Statoil launched its prototype of the world’s first full-scale floating wind turbine, Hywind, which is designed to be placed at water depths between 120 and 700 meters. The prototype is undergoing testing for two years.
As of 31 December 2009, Statoil had approximately 29,000 employees. Fortune Magazine reports Statoil as number 74 of the world’s largest corporations with revenues of $73,999.7 (millions) and profits of $2,911.6 (millions).
Statoil operates in 34 different countries and is susceptible to changes in regulation in those countries. Statoil now faces U.S. government restrictions on Arctic waters drilling, as regulators toughen drilling rules and demand better ways to handle spills as a result of the BP oil spill in the Gulf of Mexico.
Arnold & Itkin represented nearly a third of the crewmembers injured in the Deepwater Horizon explosion.
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