Word: statoilhydro
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Dates: during 2007-2007
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...first test of StatoilHydro's newfound unity is playing out in Russia. The company is in talks with Gazprom, Russia's state-owned energy company, about securing a role in developing Shtokman, a vast gas field in the Barents Sea. French rival Total earlier this year secured a partnership role through a share in a specially created company that'll own the project's infrastructure; the remaining 24% stake in that company is still up for grabs...
Still, a united front won't always be enough to eclipse StatoilHydro's biggest rivals. After the megamergers of the late 1990s - such as Exxon with Mobil and BP with Amoco - the Norwegian firm ranks as only the 10th largest in the world in production. StatoilHydro might churn out 1.9 million bbl per day, but that's less than half the daily output...
...into increasingly complex projects, often at great depths and in harsh conditions. "Each barrel of oil produced tomorrow contains a higher degree of R&D than a barrel produced yesterday," Reiten, a former Norwegian Minister for Petroleum and Energy, told TIME a couple of days before his resignation. With StatoilHydro's decades of experience operating in the tricky terrrain and climate off Norway's coast, the company could become the industry specialist at tackling the world's most difficult jobs...
...where it's processed and sent to the U.K. via the world's longest underwater pipeline (it's a trip that can take as little as two days). In full swing, the $9.2 billion project will pump up to a fifth of Britain's gas. More than that, though, StatoilHydro's technological muscle on show at Ormen Lange can give it an advantage when bidding for projects in places like the Arctic, says Kjetil Bakken, an analyst at investment bank Fondsfinans in Oslo...
...Hydro said it had contacted Okokrim, the Norwegian national authority that investigates economic crime, after an initial probe suggested Hydro had done more business with the consultancy than was previously thought. Packed into a room with reporters in Molde, a short drive and ferry trip from Nyhamna, StatoilHydro's new boss Lund scoffed at any talk that the revelations might disrupt the smooth integration of the two firms. "I'm the strongest guarantor for that," he said, shortly before heading to the Ormen Lange celebrations, "and that is my responsibility." As the head of Norway's new, next-generation energy...