August 28, 2014 11:28 AM ET

Oil, Gas and Consumable Fuels

Company Overview of Statoil Petroleum AS

Company Overview

Statoil Petroleum AS explores, produces, and transports petroleum and petroleum-derived products primarily in Norway. It sells and transports crude oil, natural gas, petroleum, and chemical products. The company is also involved in the pipeline transport, and gas storage activities, as well as the processing of petroleum products. It primarily has operations in Norway, rest of Europe, and North America. The company was incorporated in 2007 and is based in Stavanger, Norway. Statoil Petroleum AS is a subsidiary of Statoil ASA.

Forusbeen 50

Stavanger,  4035

Norway

Founded in 2007

Key Executives for Statoil Petroleum AS

Managing Director
Chairman
Age: 45
Senior Vice President DPN Finance & Control and Director
General Counsel and Director
Age: 52
Manager Tax and Director
Compensation as of Fiscal Year 2014.

Statoil Petroleum AS Key Developments

Rosneft and Statoil Petroleum as Start Exploration Operations on the Norwegian Continental Shelf in the Barents Sea

Rosneft together with Statoil Petroleum AS started exploration operations at the Pingvin License PL713prospect in the Norwegian section of the Barents Sea. The first exploration well Pingvin-1 will be drilled by the Transocean Spitsbergen rig. The water depth is 422 meters and the drilling target total vertical depth (TVD) is 1,516 meters. The companies expect to analyze the drilling results until the end of 2014.

COSL Offshore Management AS Announces Settlement of Claims Against Statoil Petroleum AS

China Oilfield Serviced Limited announcement of the Company dated 11 October 2013 in relation to the claims filed by COSL Offshore Management AS (COM) against Statoil Petroleum AS (Statoil) of Norway at the Stavanger District Court of Norway for (i) outstanding standby fees for the installation of third-party equipment at the drilling platform COSLInnovator in the amount of approximately NOK 145,000,000 and USD 46,000,000 and associated interests, and (ii) outstanding standby fees for the installation of third party equipment at the drilling platform COSLPromoter in the amount of approximately NOK 165,000,000 and USD 51,000,000 and associated interests, respectively. The aggregate amount of the Claims was approximately RMB 924 million and associated interests. After the filing of the Claims, both parties have made submissions to the Court and have entered into settlement negotiations in accordance with the procedures of the Court. On 13 June 2014, COM and Statoil have agreed to the settlement of the Claims and a sum of USD 65,000,000 will be paid by Statoil to COM as full and final settlement. COM will agree to apply to the Court for the withdrawal of the Claims. Such settlement sum will be payable by Statoil before 13 July 2014. The settlement would not have any adverse effect on the financial positions of the Company. The Company considers the settlement will be beneficial to the maintenance of the continuous good working relationship with Statoil.

COSL Offshore Management AS Initiates Two Claims at the Stavanger District Court of Norway Against Statoil Petroleum AS

The board of directors of China Oilfield Serviced Limited announced that COSL Offshore Management AS, a subsidiary of the company, has recently initiated two claims at the Stavanger District Court of Norway against Statoil Petroleum AS (Statoil) of Norway in respect of outstanding standby fees for the installation of third-party equipment at the drilling platform COSLInnovator in the amount of approximately NOK 145,000,000 and USD 46,000,000 and associated interests, and outstanding standby fees for the installation of third party equipment at the drilling platform COSLPromoter in the amount of approximately NOK 165,000,000 and USD 51,000,000 and associated interests, respectively.

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