Statoil CEO Saetre Prepares for Rebalancing Oil Market

The transcript discusses the challenges and strategies in the oil industry, focusing on cost reduction, investment strategies, and market conditions. It highlights the importance of preparing for future market upturns and the role of volatility in decision-making. The discussion also covers the company's approach to hedging and financial strategy, as well as the potential for an OPEC agreement to impact oil production and prices.

What is the company's main focus in response to the current state of North Sea drilling rigs?

• Increasing the number of rigs

• Expanding into new markets

• Reducing costs and preparing a next-generation portfolio

• Investing in renewable energy

What approach is the company taking before increasing its activity in the US onshore projects?

• Immediate expansion

• Wait and see approach

• Aggressive marketing

• Diversification into other sectors

What is expected to drive an increase in oil prices according to the company?

• Government subsidies

• Capped investments in conventional oil production

• Higher demand for renewable energy

• Increased oil discoveries

How does the company view the oil market during the rebalancing period?

• Stable and predictable

• Volatile with potential for increased volatility

• Declining steadily

• Unaffected by external factors

What is the company's stance on hedging oil production?

• They do not hedge at all

• They hedge selectively

• They hedge only in the US market

• They hedge extensively