The oil and gas industry has a big potential for stimulating economic growth.
Financial performance, generating spin-offs and local content
However, the requirement for highly specialised skills and technology could mean that the direct benefits are confined to a relatively small minority, leaving others potentially excluded.
StatoilHydro aims to make sustainable investments that create and maximize shared value - investments that benefit both our shareholders as well as the host countries where we operate. We aim to be a partner of choice by creating local content and generating positive spin-offs from our core business in support of the development ambitions of host countries.
We proactively recruit locally, demonstrating that we are a good employer that offers a safe working environment, attractive training opportunities and builds on local competence. We promote local sourcing and work with local businesses as suppliers and contractors where they exist, and invest in developing sustainable and competitive local enterprises.
We support education and skills building in the local community and amongst our suppliers and contractors to build lasting capacity and to help them develop the skills, standards and certifications required for them to work in the oil and gas industry.
Our business generates substantial economic ripple effects. In 2007, the group recorded a profit before financial items, other items, tax and minority interests of NOK 137.2 billion. Excluding petroleum products, the group purchased goods and services for NOK 108.3 billion. The group paid NOK 132.0 billion in direct and indirect taxes. Ripple effects relating to direct and indirect employment and dividend paid to the owners come in addition.
In 2007 we have invested in skills and capacity-building of local employees, potential recruits and communities in Algeria, Angola, Brazil, Canada, Iran and Venezuela, and have contributed to the development of local suppliers in Azerbaijan, Canada, Georgia and Russia, amongst others.
