The Norwegian oil and gas company Statoil has published its annual report and passed the 2,000 mboe/d production milestone (2,080 mboe/d in 2017, +5% on the 2016 production level of 1,978 mboe/d). Its proved oil and gas reserves have reached 5,367 MMboe (+7%), with a reserve replacement ratio of 150% (93% in 2016). The group produced 1,139 mboe/d of liquids (stable on 2016), including 594 mboe/d in Norway (+1%) and 545 mboe/d abroad (-2%), and 941 mboe/d of gas (+13%), including 740 mboe/d in Norway (+15%). Statoil sold 817 mbl of crude oil (+1%) and 52 bcm of gas (+18%) (plus 6.4 bcm of third party volumes).
In 2017, the company completed its divestment from the Canadian oil sands, acquired a 25% share in the producing Roncador field (Brazil) and signed the agreement for a 25-year license extension until 2049 for the Azeri-Chirag Guneshli (ACG) project. As for the power generation activities, Statoil Statoil completed and opened the Dudgeon and Hywind Scotland offshore wind parks.
Statoil's net operating income reached US$13.7bn in 2017 (US$80m in 2016). For the 2017-2020 period, the company's expected Compound Annual Growth Rate (CAGR) is expected to be around 3-4%. The 2018 organic capital expenditures (Capex) forecasts for 2018 are estimated at approximately US$11bn (US$9.4bn in 2017).
Statoil is 67% owned by the Norwegian Ministry of Petroleum and Energy while US investors hold 11%, Norwegian private owners hold 8%, other European investors hold 8%, UK investors hold 3% and others hold the remaining 2%.