Subscribe to FDD

StatoilHydro ASA







In October 2007, Statoil merged with the oil and gas divisions of Norsk Hydro, creating the new firm StatoilHydro, according to Statoil's website. In November 2009, the company changed its name back to Statoil (Statoil Website, accessed July 26, 2010).

According to Statoil's website, it maintains an office in Tehran, Iran (Statoil Website, accessed July 26, 2010).

In August 2008, the BBC reported that Statoil had announced that it would not make any new investments in Iran, reportedly due to U.S. pressure (BBC News, August 1, 2008).

Date: 2001 – 2004

Deal: According to a British news service, in 2001, Statoil signed three agreements with the National Iranian Oil Company (NIOC) for an increased oil recovery project at the Ahwaz, Marun and Bibi Hakimeh fields. NIOC approved the project, which was completed in 2004 (London Stock Exchange Aggregated Regulatory News Service (ARNS), June 17, 2005).

Date: June 2002 – September 2003
Deal: According to a company announcement, in June 2002, Statoil entered into an agreement with London-based consulting firm Horton Investment to assist in business development in Iran. The $15.2 million service agreement was to last 11 years, and according to the announcement by Statoil, its purpose was to "strengthen Statoil's insight into financial, industrial, legal and social issues associated with business development in Iran." However, in September 2003, Statoil's then chief executive, Olav Fjell, canceled the agreement (Statoil Stock Market Announcement, September 12, 2003).

Date: August 2002

Deal: In 2002, Statoil submitted an action plan to the Iranian government for improved oil recovery activities in Iran, according to a company press release. Statoil worked with Iran's state oil company and local Iranian specialists on the plan. (Statoil Press Release, August 26, 2002).

Date: October 2002 – Ongoing
Deal: According to a company press release, Statoil signed a $300 million investment contract with Iran, under which it would be the primary operator in the development of phases 6-8 of the South Pars gas field. "Statoil's project costs were repaid, together with an agreed compensation, through a share of revenues from the sale of condensate" (Statoil Website, November 28, 2006). The website also states that Statoil held a 37 percent share of the project during the development phase, while the company's local partner, Petropars, held the remaining 63 percent, and operated all onshore facilities (Statoil Website, accessed July 26, 2010).

The last platform of this project began production in 2009, and NIOC has since assumed operation of the gas field. However, Statoil's website states that "Since June 2009, Statoil has been providing technical services to the NIOC for the offshore facilities, as part of the existing service contract," (Statoil Website, accessed July 26, 2010).

Date: 2003 - Unclear

Deal: According to a British news service, "in 2003 Statoil, together with South African PetroSA, signed an agreement defining the commercial framework for investing in a GTL [gas to liquid] processing plant in Iran with NIOC. A plant has been constructed with PetroSA in South Africa to test the Statoil technology of GTL with an aim to build a 60 [million barrel] per day plant in Iran. Testing of the technology is ongoing" (London Stock Exchange Aggregated Regulatory News Service (ARNS), June 17, 2005).

The status of this project is unclear. However in August 2006, according to International Oil Daily, South Africa's foreign minister Nkosazana Dlamini-Zuma said that talks between the Iranian government and South African firms Sasol and PetroSA to establish GTL plants in Iran were "far advanced" (International Oil Daily, August 23, 2006). The article does not mention Statoil as a participant in the project.

U.S. Business Ties: According to, Statoil ASA received a U.S. government contract worth $32,443 from the Department of Defense in 2000 (, accessed July 26, 2010).

Statoil has several major business interests in the United States. According to its website, in 2008, the company acquired a 32.5 percent stake in the Marcellus shale gas acreage, which covers 1.8 million acres in the Appalachian Mountains. (Statoil Website, accessed July 26, 2010).

The company's office in Houston manages all of its U.S. business, including its massive assets in the Gulf of Mexico. According to the company's website, it holds "shares in more than 400 licenses" as one of the largest deep water operators in the Gulf of Mexico. As of fall 2009, Statoil operates two exploration rigs in the Gulf of Mexico (Statoil Website, accessed July 26, 2010).

Last Updated: August 19, 2014