Statoil’s chief executive will continue in his role after deciding not to exercise his contractual right to retire at the age of 62.
Eldar Saetre, who turns 62 in February 2018, is also in line for a raise which will lift his salary to £835,000 (NOK 8.7million).
Mr Saetre was appointed chief executive in February 2015, having been acting CEO since 2014.
Mr Saetre said: “I am proud of Statoil’s achievements, and believe we are well equipped for the future.
“We have high project activity and are further developing the Norwegian continental shelf. We are strengthening our position as an operator in attractive areas outside Norway, and have started to build a significant portfolio in renewable energy.
“Statoil has delivered competitive returns, and is well positioned to create substantial shareholder value also in the future. I look forward to continuing to lead this company as we continue our journey.”
Statoil chairman Jon Erik Reinhardsen said: “It has been a wish from the board of Statoil that Eldar Saetre continues as CEO.
“As CEO, Eldar has successfully implemented important changes within Statoil. He has led the company through a challenging period for the industry, making Statoil a stronger company.
“He is the right person to continue developing Statoil as a broad energy major, with a clear strategy for safe operations, high value creation and a low carbon future.”