Statoil Releases Annual and Sustainability Report for 2010 (Norway)

Statoil  published the group’s Annual and Sustainability Report for 2010 on its website , 25 March, as well as its US Annual Report and accounts on Form 20-F.

“2010 was a year of important strategic progress and active portfolio management for Statoil. We carried out a successful listing of Statoil Fuel and Retail, further clarifying our strategic profile as a technology focused upstream company,”,” writes chief executive Helge Lund in his introduction to the annual and sustainability report.

Lund notes that Statoil through the Peregrino and oil sands transactions strengthened the balance of the portfolio, increased the group’s financial flexibility, and created substantial shareholder value. In 2010 Statoil also continued the high activity on the Norwegian continental shelf and further matured the assets.

“Safety is our top priority and we continue to improve our overall safety results. However, specific incidents in 2010 shows that we cannot rest in our effort to further strengthen our safety performance. On the production side, we delivered high volumes during the first half of 2010, demonstrating our portfolio’s capacity. During the second half of the year we experienced specific operational issues, taking the annual production somewhat below what we expected. We nevertheless delivered strong cash flow and financial results”, Lund adds.

The legally required part of the annual and sustainability report will be available in a printed version on 26 April at the latest, together with the printed version of Form 20-F and Statoil In Brief 2010/2011.

At that time, the report will be distributed electronically to those shareholders who have opted to receive the report in this form.

The Statoil In Brief 2010/2011 will be distributed all other shareholders registered in the Norwegian Central Securities Depository (VPS).

More info: Statoil

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Source: statoil , March 25, 2011;