Statoil Energy Looking for "Strategic Partner"
With the amount of capital driving today's energy companies,
Statoil Energy recently announced it is searching for a partner to
bolster its resource base. A spokesman for the Virginia-based
energy marketer said the process is moving quickly and the company
hopes to have found a partner by the end of the year.
"Our parent group, Statoil, has invested $700 million in Statoil
Energy," said Dave Bornmann, a Statoil Energy spokesman. "The
search has been misconstrued as a selling of interest. Statoil is
not looking for someone to come buy $350 million of the company.
They are searching for someone to come in and add to what already
Bornmann said the ideal partner would be another energy company.
"We are looking for a company that will bring something to the
table besides money. It is not a requirement, but the one that has
assets complementing those of Statoil Energy will be more likely to
be chosen." He added that Statoil Energy is in discussions with
investment banks right now, but the search has not officially
In a related story, seven members on the 10-person board of
directors for Statoil Energy's parent company, the Norwegian
government-owned Statoil, will not have their directorship renewed
due to poor management of the Aasgard oil and gas field in the
The three member who will have their positions renewed were
elected by company workers, while the seven who were fired were
originally placed on the board by the Norwegian government. Anne
Lahnstein, Norway's oil and energy minister, said costs for the
field's development surged to $64 billion crowns (U.S. $8.2
billion) from an original $47 billion crowns, and that "its best
for the company to appoint a new board."
Bornmann said this upheaval will not affect the Statoil Energy's
operations. "Those people were fired because of operations related
to that field. Our search for a partner, and our operations as a
whole, will go on unaffected."
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