We should all cry with Statoil. For it is the tax revenues disappear – Aftenposten

the Interest of the group’s results and prospects for the future are impeccable.

There was lots barracks when aksjeanalytikere and investors on Tuesday filled one of the largest halls in a convention center next to the Museum of London.

3rd-party-bio

Questions hail to the Statoil chief Eldar Sætre and the other members of the executive management. The tone was mostly friendly. Several had godord about the way the company has cut their costs.

But it could not alter the fact that the results were fairly fragile. The financial statements were affected by write-downs. The company’s oil fields are short and well not so valuable as Statoil previously thought.

Norway take the bill

Really could most norwegians have as much reason to be present in London as private shareholders.

when the profits of Statoil evaporate, is the economic consequences the very greatest for the state and its oil wealth.

Lower stock price is only a part of the calculation.

most is gone.

Statoil still serves almost all of their money in Norway; utenlandsvirksomheten is still a tapsprosjekt. Over 70 per cent of the profit in Norway end up in the treasury.

It also means that 70 per cent of the fall in the profit shall be borne by the state.

In 2012 and 2013 paid to Statoil between about 120 and 110 billion in taxes in Norway.

In 2015 was Norway’s tax revenues from the Statoil almost halved to 63 billion. The preliminary financial statements for 2016 the brand not up the tax on land. But it is clear that the tax is halved yet again, to well under 30 billion.

most is gone.

Mirror on the wall there, who is beautiful here?

Statoil is a kind of mirror on the Norwegian oil industry.

We find approximately the same dramatic development of the overall tax revenues from the oil companies and for the proceeds of the oilfields that the state owns directly (SDFI).

the State’s total oil income drops from almost 400 billion in 2012 to nok 150 billion in 2016.

Statoil is typical for a quarter of the state’s oil income, but the proportion of turns. 2016 looks to be a new down period, also in that way.

The proportion of the state’s revenue comes from oil, fell last year to well under 15 percent of the state’s total tax revenues.

Poor minister of finance – and the rest of us

Currently, the brands we norwegians so much to it, for the oil revenues passed in the first place via its oil wealth. Its oil wealth stopped abruptly to grow in 2016.

the State’s total oil income drops from almost 400 billion in 2012 to nok 150 billion in 2016.

The finance minister after the election, going to mark this well. Pengerikeligheten will decline.

So it is in Statoil, which has undergone a powerful slankekur. The task of the ceo Eldar Sætre at the Statoil yesterday was to convince the financial markets that the company can withstand low oil prices – and increasing debt.

Who believe in the united Kingdom and Norway?

A company that still has the Norwegian continental shelf (ncs) as its main arena, likely to meet skepticism. Shell sold for a short time since over half of its oil and gas production in the british sector of the north Sea. The newspaper the Financial Times then wrote that the major oil companies are moving their investments from areas with high costs, as the north Sea.

But Norway is not the Uk, at least not if we are to believe Eldar Sætre. Statoil has, in the course of a short time pushed the cost down to build out new fields powerful.

– In my 36 years in Statoil I have never seen as exciting opportunities to make profitable investments, ” said Sætre yesterday.

I think he forsnakket. The golden age is not coming back.

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