Statoil Shuffles the Pack, Upgrades Brazil

Statoil announced several changes to its management board April 27 that are planned to take effect between May 1 and mid-October.

Current CFO Hans Jakob Hegge will become Statoil’s US country manager also heading global unconventional onshore activities. The new CFO will be Lars Christian Bacher, now head of international upstream. Torgrim Reitan, head of conventional US upstream, will take on an enlarged mantle – including some of Bacher’s old job.

CEO Eldar Saetre said the internal reshuffle aims to broaden experience, with Brazil becoming a separate business unit as it “represents a new core area for Statoil.” The latter will be headed by Margareth Ovrum. Earlier this month Statoil expanded its partnership with Brazil's state Petrobras, having recently expanded its interests there, and securing new deepwater licences.

Irene Rummelhoff will become head of downstream, including gas supply & trading, while her current job heading New Energies will go to Jens Okland who joins the management board, as does Pal Eitrheim in the new role as chief procurement officer. Ovrum's existing job as technology, project and drilling chief will go to Anders Opedal who also joins the board. 

Last but not least, Caspian veteran Al Cook switches from his current role as head of operations technology and partner-operated licences to head up global strategy at Statoil, succeeding John Knight who leaves at end-2018. Cook joined Statoil in 2016 as chief of staff to Saetre, after two decades at BP where his major role (from 2009-14) was as BP's vice president for Shah Deniz 2 and the development of the Southern Gas Corridor; Statoil was a partner in both at that time.

Statoil's management board (CEC) will be as follows:

- President and CEO, Eldar Sætre (no change);

- CFO and executive vice president (EVP), Lars Christian Bacher;

- Development & Production Norway EVP Arne Sigve Nylund (no change);

- Development & Production International EVP Torgrim Reitan;

- Development & Production Brazil EVP Margareth Ovrum;

- Marketing, Midstream & Processing EVP Irene Rummelhoff;

- Exploration EVP Tim Dodson (no change);

- Technology, Projects & Drilling EVP Anders Opedal (new entry);

- New Energy Solutions EVP Pal Eitrheim (new entry);

- Global Strategy and Business Development EVP Al Cook;

- Chief Operating Officer EVP Jannicke Nilsson (no change).

General Counsel Hans Henrik Klouman, People & Leadership head Magne Hovden and Corporate Communication head Reidar Gjaerum continue in their roles and attend CEC’s meetings.

From May 15, Statoil will be known as Equinor, combining the idea of equality with Norway which will remain its production backbone; but losing the reference to oil – assuming shareholders agree to the resolution at the annual general meeting that day.