Statoil ASA engages in the exploration, production, transportation, refining, and marketing of petroleum and petroleum-derived products.
The company operates through four segments: Exploration and Production Norway, International Exploration and Production, Natural Gas, and Manufacturing and Marketing.
The Exploration and Production Norway segment includes exploration, development, and production operations on the Norwegian Continental Shelf (NCS), which produces hydrocarbons.
The International Exploration and Production segment includes exploration, development, and production operations outside Norway.
Its main producing areas include Caspian (Azerbaijan), North Africa (Algeria), Venezuela, and western Europe, as well as western Africa, comprising Angola along with Nigeria.
The Natural Gas segment transports, processes, and sells natural gas from its upstream positions on the NCS and certain assets abroad.
The Manufacturing and Marketing segment comprises downstream activities, including sales and trading of crude oil, natural gas liquid, and petroleum products, refining, methanol production, retail and industrial marketing of oil products, and petrochemical operations through its 50 percent owned joint venture Borealis.
As of December 31, 2004, its proved reserves consisted of 1,720 million barrels of oil and 408 billion cubic meters of natural gas, which represents an aggregate of 4,289 million barrels-of-oil equivalent.
The company was founded in 1972.
It was incorporated in 1972 under the name Den norske stats oljeselskap a.s. and changed its name to Statoil ASA in 2001.
Statoil is headquartered in Stavanger, Norway.
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