The merger between Statoil and Hydro’s oil and gas activities in October 2007 was a forceful response to increasing complexity and international competition in the industry.
The merger was a success, and it represents a milestone in a year of historically high activity. Other important milestones in 2007 included the completion of the Ormen Lange project and the first tanker to leave the plant on Melrose with a cargo of liquefied natural gas (LNG) from the Snøhvit field. In addition, eight projects on the Norwegian continental shelf and five international projects became operational in 2007.
During 2007, we gained access to new growth opportunities. Among other things, we acquired North American Oil Sands Corporation, thus establishing a position in Canadian oil sands. Towards the end of the year, we were chosen as a partner in the development of the Shtokman offshore field.
The merged company has expanded its technological base and increased its expertise as regards implementing very demanding, large-scale projects.
In 2007, StatoiHydro recorded a solid profit for the year and we are in a good position to achieve future growth and value creation. The board proposes a combined ordinary and extraordinary dividend of NOK 8.50 per share to the annual general meeting.
Published 2008-04-08, 20:02 CET | Updated 2008-05-14, 09:37 CET