CERAWeek: StatoilHydro CEO speaks first…

National oil companies are only national by name but global by nature and aspirations, Helge Lund, CEO of StatoilHydro, said.
Statoil and Hydro merged about 6 months ago, he said. It had been tried and failed in the past, but with the Norweigan continental shelf having matured, it didn’t make sense to have two similar companies there. So they had to get big to get global, Lund said.
StatoilHydro is moving into the Canadian oil sands and deepwater Gulf of Mexico and Russia, Lund said. The company is also developing a large scale “cost-effective” carbon sequestration facility in connection with one of its refineries.
The conference schedule is already running about a half-hour late. This is pretty common given the large number of speakers who really like to talk.