Statoil have announced plans to boost profits by selling off some of its assets in the coming years.
Statoil has no timeline or fixed goal for the sales and has focused its strategy on returns over growth, said Lars Christian Bacher, executive vice president of international development and production.
“We are a resource-rich company, we have more assets than we need,” Bacher told Bloomberg reporters at the IHS CERAWeek energy conference in Houston. “We are in no rush. We don’t have to sell this year.”
Oil companies from BP Plc to Royal Dutch Shell Plc have embraced asset sales to shore up finances as costs outpace oil and natural gas prices. International oil companies are seeing little to no output growth despite boosting spending 400 percent in the past decade, Bacher said.
“A lot of companies are spending more and more just to stand still,” he said.
Statoil remains open to buying U.S. assets if falling oil and gas prices put companies in financial distress, Bacher said.
“Our strategy doesn’t say that we will not buy,” he said. “It just says that we will high-grade our portfolio going forward.”
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LUKOIL - The plan is based on the conservative $50 per barrel oil price scenario. Sustainable hydrocarbon production growth is planned in the Upstream business segment along with the growth in the share of high-margin projects in the overall production. In the Downstream business segment, the focus is on the improvement of operating efficiency and selective investment projects targeted at the enhancement of product slate.
BP - BP will acquire on completion a 43% equity share in Lightsource for a total consideration of $200 million, paid over three years. The great majority of this investment will fund Lightsource’s worldwide growth pipeline. The company will be renamed Lightsource BP and BP will have two seats on the board of directors.
REUTERS - Brent crude was up 69 cents, or 1.1 percent, at $64.03 a barrel by 0743 GMT. It had settled down $1.35, or 2.1 percent, on Tuesday on a wave of profit-taking after news of a key North Sea pipeline shutdown helped send the global benchmark above $65 for the first time since mid-2015. U.S. West Texas Intermediate crude was up 45 cents, or 0.8 percent, at $57.59 a barrel.
ROSATOM - On December 10, 2017, the construction start ceremony took place at the Akkuyu NPP site under a limited construction licence issued by the Turkish Atomic Energy Agency (TAEK). Director General of the ROSATOM Alexey Likhachev, and First Deputy Minister of Energy and Mineral Resources of the Turkish Republic, Fatih Donmez, took part in the ceremony.