Statoil is a Norwegian multinational oil and gas company operating in 36 countries worldwide. It is ranked by Forbes (2013) as the world’s 11th largest oil and gas company and the 26th largest company, regardless of branch, by profit in the world.
Statoil is one of the largest investors operating in Azerbaijan since 1992. It is participating in various mega-projects including development of Azeri-Chirag-Gunashli oil field and Shah Deniz gas field, their respective export pipelines Baku-Tbilisi-Ceyhan and South Caucasus Pipeline. It develops other structures in the Azerbaijani sector of Caspian Sea. Statoil’s investments in Azerbaijan exceed 6 bln USD and will double in the next 5-6 years with participation of the company in other projects in Azerbaijan. Today, Azerbaijan is the second largest contributor to Statoil’s international production.
“Statoil is proud to have been an integral part of Azerbaijan’s industrial development since 1992. Azerbaijan is one of Statoil’s top international assets, and as Statoil has grown considerably in size, experience and international presence over the last 20 years, we are now seeking a more active position in Azerbaijan. The country itself has changed and made tremendous progress for the past 20 years. It is a hub for energy in Turkey, the EU, and Europe. Azerbaijan’s position enables it to be a very large and reliable supplier for Europe, which is important for Azerbaijan and Europe going forward” says Lars Troen Sorensen, former president of Statoil Azerbaijan.