nyse : STO
oslo : STL


October 12, 2012 17:21 ET

New President Appointed for Statoil Canada

CALGARY, ALBERTA--(Marketwire - Oct. 12, 2012) - Statoil ASA (OSLO:STL) (NYSE:STO) is pleased to announce that Ståle Tungesvik has taken over as president of its Canadian operations. Tungesvik replaces Lars Christian Bacher who has been appointed executive vice president for Statoil's Development and Production International. As president of Statoil Canada, Tungesvik is responsible for development and production activities both within oil sands in Alberta and offshore Canada.

"Canada is an important component in Statoil's global energy portfolio of high quality and diversified assets. I look forward to building upon our long-term investments and relationships here to realize our growth plans both offshore and within oil sands," said Tungesvik, president of Statoil Canada.

Tungesvik has almost 30 years of energy sector experience. He comes from the position as senior vice president for renewable energy in Statoil. Under his leadership, Statoil participated in the development of one of the largest offshore wind farms in the world in the United Kingdom and strengthened the company's position in the renewables industry through innovative technology and optimization of commercial models.

In his new role, Tungesvik directs the company's oil sands operations in Alberta's Athabasca region, including the Leismer Demonstration Plant and new development projects, such as Corner, Thornbury and Hangingstone. Further, he will oversee the Calgary-based Heavy Oil Technology Centre, which researches and develops new technologies and processes to improve environmental sustainability.

Tungesvik also leads the development and production operations of Statoil Canada's East Coast and Arctic offshore assets. In addition, he guides the company's corporate responsibility and community engagement initiatives.

Since joining Statoil in 1991, Tungesvik has served in a number of leadership positions in Statoil, including vice president of exploration and production Norway, reserve replacement, and business development, as well as senior vice president of Operations West, including the Oseberg, Statfjord, Snorre and Gullfaks fields.

Statoil Canada Ltd.

Statoil is an international energy company with operations in 36 countries. Building on 40 years of experience from oil and gas production on the Norwegian Continental Shelf, we are committed to accommodating the world's energy needs in a responsible manner, applying technology and creating innovative business solutions. Statoil Canada is headquartered in Calgary, Alberta, with lease areas in Alberta's Athabasca oil sands region and licenses offshore of Newfoundland and Labrador. Statoil is headquartered in Norway with 21,000 employees worldwide, and is listed on the New York and Oslo stock exchanges. More information on

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