With his hand over his heart Statoil’s chief executive muttered: “$25 – My God.”
Eldar Saetre was referring to Johan Sverdrup’s new break-even point.
“I am surprised almost myself to say it,” he said.
When asked whether he ever expected to see a number that low, he responded: “If I am honest, no.”
But there was no silver bullet for achieving the sub-$30 milestone, according to the company leader.
“This is a about a lot of things that adds up to these numbers,” he said.
“If you have enough small steps it adds up to a big one.”
Smell steps like drilling wells twice as fast as they were three years ago.
“It’s amazing what we can do, but it’s about small steps,” he said.
But Saetre isn’t giving himself much time to celebrate. He expects the volatility in the market to continue.
“If in two years’ time oil is back up, but we are still keeping costs this low then we will have learned from our mistakes,” he said.
Saetre is also concerned about the next generation.
“The young people of today, they are the leaders and engineers of our company in the future,” he said.
“The challenges we are facing now are a good illustration that we need the brightest minds in this industry.
“Energy is so important for mankind and for people and I think once we get through this downturn and we can talk about energy realities like the oil and gas industry is going to be needed for long time. I think we have a pretty good case to attract young talent into the industry.”
He added: “We are so proud to be part of this industry. In the midst of tough times we will show the best of what we stand for and I am ready for tomorrow’s challenges.”
Recommended for you
