Statoil ASA founded in 1972 when the oil reserves found on the Norwegian Continental Shelf (NCS). The company mainly controlled by the Norwegian government with 67% holdings by Norway. It has proved to be one of the leading company in the industry of National Oil Companies (NOCs). The company was listed on the Oslo exchange and New York Stock exchange.
The company faced a serious threat when the growth of the company’s production got freeze and globally the results put a step back to Statoil. Ultimately the company decided to move backward in its 2020 production targets and would reduce the capital expenditure.
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