St?le Tungesvik, the new president of Statoil Canada, is watching with interest the debate over whether state-owned enterprises such as CNOOC Ltd. should be allowed to increase their control of Canada?s natural resources.
It hits close to home. Statoil is 67%-owned by the Norwegian state, would like to expand in Canada, and is often likened to state-owned enterprises from China, the Middle East or the rest of the world.
Yet not all SOEs are created equal, and Mr. Tungesvik hopes his company is judged for what it does.
Statoil, one of the world?s Top 10 oil companies and Europe?s second-largest natural gas supplier, is a top technology developer that shares what it knows, is more transparent than many Canadian companies and has environmental standards that exceed Canada?s own.
It engages its critics and has an arm?s-length relationship to a state that has so much in common with Canada Mr. Tungesvik describes this country as ?Norway times 10.? In the oil sands, Statoil bought a startup and in barely five years turned it into one of the most successful thermal projects in Alberta.
As Mr. Tungesvik, who previously ran Statoil?s renewables business, put it:
?I am here to really optimize what we are doing, and to put an element of renewal into it, so that we can see that there is something happening with new technology in this segment that improves production and the environmental impact,? the 51-year old said in an interview Monday.
Chinese SOEs have also been public about their motivations: learn technology and management skills to redeploy back home, secure resources to support their economy, invest their cash in a politically stable country, and bring investment to accelerate resource development. They started buying into startups but what they really want is to acquire large established Canadian operations.
Statoil has operated in Canada?s East Coast for decades (through its predecessor, Norsk Hydro) and holds significant stakes in the Hibernia, Terra Nova and Hebron Fields. It has plans for three exploration wells to bolster its position.
It entered the oil sands five years ago with the $2.2-billion acquisition of North American Oil Sands Corp. and now produces 17,000 b/d from its Leismer project. It also holds oil sands leases at Thornbury, Corner, Hangingstone.
Statoil is looking at growing in the Beaufort Sea and is interested in Canada?s liquefied natural gas business. By 2020, Statoil hopes to produce 100,000 barrels a day in Canada, up from 22,000 b/d today.
Statoil?s major contribution to Canada has been its technology. Rather than hoarding it, Statoil shares it, particularly if it means environmental improvements.
?When we find new technology, we tend to give it away,? Mr. Tungesvik said.
In the oil sands, Statoil is working on getting more out of steam injection and capturing carbon dioxide.
Statoil plans to deploy in the Beaufort some of its knowledge of tough environment. Statoil grew from discoveries in the Norwegian continental shelf and has become the world?s largest offshore operator. One of its latest innovations is the ?subsea factory? ? facilities built below the ocean surface to avoid the impact of icebergs.
Statoil?s transparency comes from having tough task masters in the Norwegian people. They have taken a huge interest in its activities in Canada?s oil sands and at one point were putting pressure on the company to back out but now expect the best corporate behavior. Rather than running away from criticism, the company has brought to Alberta Norwegian NGOs, unions, politicians, and media to promote understanding of the resource. This year and last, it organized weekly tours of its oil sands projects.
Statoil Canada?s previous president, Lars Christian Bacher, who has moved back to Norway to run the company?s international division, even appears in national ads sponsored by the Canadian Association of Petroleum Producers to assure Canadians oil sands development is being done responsibly.
Mr. Tungesvik said Statoil behaves like a private company and the state has no role in its management.
?There is an open mandate on what this company should do and the state doesn?t challenge that,? he said. ?There is of course a political debate over what they should do, but so far it?s been let business run business and politicians be politicians.?
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