Annual Report 1980
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Den norske stats oljeselskap a.s Annual report and accounts 1980 II I :.10 jô~ ~ 08e2oD • S StotOil Table of contents Page 3 The Board of Directors, the Auditor, the Company Assembly 4 Highlights 6 Visit from the People’s Republic of China 7 Survey of activities for the consolidated companies 8 Activities and commitments of the consolidated companies 9 Value added statement for the consolidated companies in 1980 10 Report of the Board of Directors for 1980 25 Consolidated profit and loss statement for 1980 26 Consolidated balance sheet as of 31 December 1980 28 Comments to financial statements 32 Operating result for the consolidated companies, according to areas of activities 33 Source and application of funds 33 Value added statement 34 Current cost accounting 34 Auditor’s report for 1980 34 Recommendation from the Company Assembly 35 Statoil enters a new era 42 Wells drilled on the Norwegian shelf in 1980 43 The Articles of Association 44 Survey of Statoil interests in licenses allocated as of 1 January 1981 45 Statoil administration as of 1 January 1981 46 Map of the Norwegian continental shelf (enclosure) Cover photo: Geologist RoIf Magne Larsen, Statoil (left), and consultant and geologist Steve Lawrence look at core samples from Statoil’s first exploration well off the coast of Northern Norway, drilled on block 7119 12. The photo was taken on 19 September 1980. Cover photo: To-Foto, Harstad. Most of the other photos are by Statoil. Den norske stats oljeselskap a.s The Board of Directors Company Assembly Director Finn Lied, Chariman Editor Egil Aarvik, Chairman Professor Ole Myrvoll, Vice-Chairman Trade Union Secretary Evy Buverud Pedersen, Managing Director Thor Andreassen Vice- Chairman Housewife Kirsti Lange Trade Union Secretary Odd Bakkejord District Governor Einar H. Moxnes Advisor Bodil Bjartnes Chartered Engineer Trond Boistad Director Egil Flaatin Chartered Engineer Erling Haug Lord Mayor Arne Rettedal Construction Worker Harald Schjetne Alternate members Teacher Grethe Westergaard-Bjørlo Professor H.J.A. Kreyberg Dr. of Engineering Atle A. Thunes Housewife Gerd Schanche Supervisor, Personnel Accounting, Margot Pedersen Lawyer Lars Bakka Group Leader, Data Processing, Kjell Mork Knudsen Group Leader, Petrophysics, Jan Rafdal Administrative Secretary Kari Faret Project Engineer Arve J. Hjørungnes Senior Secretary Elisabeth Breivik Alternate members Trade Union Secretary Harriet Andreassen, Auditor until 3 Oct. 1980 Certified Public Accountant Administration Manager Johannes Andreassen Karl-Johan Endresen, Stavanger District Governor Alv Jakob Fostervoll Chartered Engineer Knut Helle Chief Engineer Bjørn Lian Planning Engineer Harald N. Hansen Marine Advisor Jan Hoim Chartered Engineer Egil Tveit Senior Secretary Margaret Sanner Geologist Oddvar Skarpnes Information Officer Toril Bakka 4 Meeting of the Statoil Board of Directors. Seated (from left to right): Arve Johnsen (President), Finn Lied (Chairman), Ole Myrvoll (Vice-Chairman), Kirsti Lange, and Thor Andreassen. Standing (from left to right): Einar Moxnes, Trond Boistad, and Erling Haug. Flighlights The consolidated Amounts in millions of NOK companies Statoil 1980 1980 1979 1978 1977 1976 Sales 8 593 7 125 3 255 2 001 1 686 1 298 Salaries and social costs 297 157 96 77 55 37 Depreciation 1 105 976 319 133 47 33 Financial expenditures 656 548 159 88 36 — 5 Operating result 847 768 13 — 97 — 77 — 140 Financial result 203 223 — 217 — 194 — 112 — 134 Investments 2 610 2 465 2 850 2 046 1 719 1 890 Total assets 14 593 12 952 10 159 7 795 5 555 3 661 Share capital issued as of 31 Dec. 2 944 2 944 2 944 2 734 1 852 1 552 Number of employees as of 31 Dec. 2 335 1 059 745 607 506 401 Revenue Investments Petrochemical Production and Other Crude oil and gas products transportation Investments Refined Other Petroleum derivated products revenue Millions activity Exploration of NOK Million of NO~ 8000 2500 7000 I _ 2000 5000 I I 1500 I 1000 I~00 liii __________ _ 2000 liii I I I 1000 ‘III 1977 1978 1979 1980 1980 1977liii 1978 1979 1980 1980 Statoil The consolidated Statoil The consolidated companies companies Assets Liabilities and shareholder’s equity Fixed Current assets Shareholder’s•ty Currentliabilities assets &iui . Long-term receivables and Long-term financial investments Millions debt Millions of NOK of NOK 14000 14000 12000 12000 I 10000 I 10000 I I 8000 I I 8000 I I 6000 I I 6000 I I I 4000 I I I 4~Q(J III I 2000 II I I 2000 liii liii 1977 1978 1979 1980 1980 1977 1978 1979 1980 1980 Statoil The consolidated Statoil The consolidated companies companies Source of funds Application of funds Decrease in Investment in Increase in Internal financing working capita fixed assets working capital Millions New long-term I oans ofMillionsNOK Paymentslong-term loanson of NOK 3000 3000 I I I 25002000 I I 1 20002500 I I I 1500 I I I 1500 II I I 1000 I I I I 1000 I II I I I I I 500 1111 1111 1977 1978 1979 1980 1980 1977 1978 1979 1980 1980 Statoil The consolidated Statoil The consolidated companies companies Visit from the People’s Republic of China Minister of Petroleum Industry and former Vice-Premier Kang Shien from the People’s Republic of China visited Norway in May of 1980 to hear about the nation’s, and particularly Statoil’s, experience with offshore oil production. Minister Kang (center) visited the Statfjord A, where he was given a briefing about the platform, production, and operations. Behind the interpreter, we see President of Statoil Arve Johnsen. 6 p.,’1 I I J—, t1 I’, Survey of activities for the consolidated companies Activity Company/license Operator Location Statoil Type of share activity Exploration Prod, license 038 Statoil Blocks 6/3, 15/11, 15/12 50% Exploration Prod, license 044 Statoil Block 1/9 50% Evaluation Prod. license 045 Statoil Blocks 24/il, 24/12 50% Exploration Prod. license 046 Statoil Blocks 15/8, 15/9 50% Evaluation Prod, license 051 Statoil Block 30/2 50% Exploration Prod. license 052 Statoil Block 30/3 50% Exploration Prod, license 053 Statoil Block 30/6 50% Exploration Prod, license 060 Statoil Block 7119/12 50% Exploration Production and Statfjord Prod. license 037 Mobil Blocks 33/9, 33/12 50% Oil production Transportation Murchison Prod. license 037 Conoco Block 33/9 50% Oil production Frigg Prod. license 024 Elf Block 25/1 5% Gas production North East Frigg Prod. license 024 Elf Block 25/1 5% Gas Prod. license 050 Statoil Block 34/10 85% Oil/gas Ula Prod. license 019 BP Block 7/12 12.5% Oil/gas Heimdal Prod, license 036 Elf Block 25/4 40% Gas Norpipe a.s Separate adm. Stavanger 50% Pipelines Norpipe Petroleum UK Ltd. Separate adm. Teesside 50% Oil terminal K/S Statfjord Transport a.s & Co. Statoil Stavanger 42.04661% Transportation of crude oil Refining and Rafinor Separate adm. Mongstad 70% Refinery marketing Norsk Olje a.s Separate adm. Oslo 73.62% Marketing I/S Noretyl Norsk Hydro Bamble 33% Petrochemicals I/S Norpolefin Saga Petrokjemi Bamble 33½ % Petrochemicals Service Coast Center Base A/S &Co. Separate adm. Sotra 50% Supply base companies Vestbase a.s Separate adm. Kristiansund N 40% Supply base Norbase a.s Separate adm. Harstad 50% Supply base ~Thç consolidated companies NOROL STATOI L RAFINOR Activities and commitments of the consolidated companies •~-:.~ •.----;~t • ~— —. - - - .,“I~.r:..-..C _ - ~ :~-~:a~ ~. - ~ - ~ç -‘~‘~. • ~ Statoil Rafmor A/S & Co. Own activities and operatorships • Construction of the refinery at Mongstad began in 1972, o Headquarters in Stavanger and in 1975 the first crude oil cargo arrived at the pier. The O Supply base in Stavanger first cargo of Statfjord oil was delivered in December of O Regional office in Bergen 1979. o Drffling operations management at Sotra The Mongstad refinery is carefully adapted to the special O Project office at Asker properties of light, low-sulfur North Sea oils, and can make O Regional office at Harstad full use of this valuable feedstock. The refinery produces all o Crude oil transportation by ship from the Statfjord field regular petroleum products. o Planning field development, in this case on block 34/10 The refinery is the only one in the Nordic countries with a O Exploration drilling, in this case on block 7119/12 petrol coke production unit, and the unit yields a type of Participation in activities coke used in the aluminium industry. Recently, the refinery o Transportation system for oil and gas from also constructed a recycling unit which transforms extra gas Ekofisk, Norpipe into propane and butane. O Gas production, Frigg Refinery capacity is four million tons a year, 0 Oil production, Murchison and Statoil has made a decision to increase . - o Oil production, Statfjord capacity to ten million tons annually. Rea~’ons for 0 Petrochemical industry at Bamble, Noretyl this are the increase in crude oil supplies which and Norpolefm can be expected from the Statfjord field with~ ~. o Supply base at Sotra, Coast Center Base the next few years, and market prospects for O Supply base in Kristiansund N, Vestbase refined products. • o Supply base in Harstad, Norbase Employees number about 350 people O Supply base in Hammerfest, Norbase Rafinor is owned by Norsk Olje a.s,’ which has 40 percent interest in the refinery, Statoil d~’ ~ I — with 30 percent, and Norsk Hydro with ~• ~ I 30 percent. • - -l Norsk Olje a.s (Norol) o Headquarters in Oslo O The Eastern Norwegian District, office in Oslo 0 The Southern Norwegian District, office in Drammen OThe Western Norwegian District, office in Bergen 0 The Central Norwegian District, office in Trondheim o The Northern Norwegian District, office in Tromsø.