New chair of Statoil – Aftenbladet.no

Løseth grew up in Lillehammer, has a degree in civil engineering from NTNU (Norwegian University of Science and university) in Trondheim and moved afterwards to Bergen. Where he ended up in Statoil, a career that eventually took him to Stavanger.

– My two oldest girls are born in Stavanger. It becomes a kind of liaison in life. I also played football at Hinna, says Løseth in an interview with Aftonbladet.

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No oilman

But even though he has some 30 years experience in the energy industry, is Løseth no typical oilman. On resume, he has experience from both home and abroad, and in recent decades has mostly about renewable energy. First Vice President of Statkraft from 2002 to 2003. After the director of the Dutch energy company NUON in the period 2003 to 2009.

From 2010 to 1 October 2014, he was executive vice president and CEO of the Swedish hydropower company Vattenfall.

Løseth says there are many parallels in what he has done in the past that he can use as chair of Statoil. And then there’s a part he must read up on.

– I do not particularly have much experience with exploration activities, and I have a period where I have not been as involved in the oil industry. I must read up on. Fortunately lead there to support and help, and so have all the other directors other experience they can contribute.

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More time

After 8 years commuting from Oslo to Stockholm is Løseth happy to be home with his wife and three daughters in full-time.

– Now I have more time . Now I have time to use the forest, read books and walk the dog. As chair of Statoil and Eidsiva Energy I now have a good balance between work, family life and training.

Løseth has been in the Statoil board for nine months, and has already managed to be visiting several different offices and offshore trip to the Sleipner platform in the North Sea.

– I’m trying to travel around the different locations. We have meetings in Oslo and Stavanger, he said.

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No unexpected adjustment

Løseth takes over as chairman at a time of much change in the company. He says he looks forward to being a part of it and make sure it is a good process.

– The industry has lived with high oil prices for some time now, but it’s time for a transition to a lower cost. I remember from my time in Statoil in 1986 when oil prices went down to 10-12 dollars. So we are used to ups and downs. It is not surprising that it takes an adjustment.

– This is demanding, but we have to do this because of the fall in oil prices. The same happened in the power industry, where prices fell sharply for a period. Statoil has been ahead and announced goals early. Right now this is the most important thing we can do.

Løseth think that this is something that can give a new dynamic in the market,

– It may cause us to find new solutions .

– I think everyone in the industry agrees that we want to achieve a lower cost. It will be important to keep costs down slev about the activity goes up again. We will do our part to make this happen, and both management and board will help ensure a good cost.

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Looking ahead

Løseth choose to look ahead, and would not comment on the criticism that has come against the company for investment abroad, as oil sands and shale gas.

– We have what we have. Now we are working with all the projects in order to make it profitable. I would rather express myself about the future than about the past, he said.

– But I think that at a strategic level, it is important that the group invests internationally. We get the longer term less production from the Norwegian continental shelf, and then it is important to have international options. The important thing for us is to find projects that have as low cost as possible.

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New renewable initiative

Statoil also has a new challenge with renewable initiatives New Energy Solutions (NES).

– There are many things to deal with. We’ll add one renewable strategy. Here we have a particular focus on climate.

– I have been involved in working with the board in recent months, and I often have conversations with Eldar (Saetre, Statoil CEO Ed.’s Note.) We come to discuss everything that happens in Statoil. I think the management is doing a good job of focusing on cost reductions.

– Where’s Statoil 10 years?

– I think 10 years is a relatively short time in this industry. I think that oil and gas is important for us as well. But then again we have also developed the new business district our renewable energy too. We will treat later this year.

– So I leave for the administration to look at the opportunities that exist, whether onshore or offshore.