Enterprise Risk Management at Statoil
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This case study was compiled from published sources, and is intended to be used as a basis for class discussion. It is not intended to illustrate either effective or ineffective handling of a management situation. Nor is it a primary information source.
Risks in Acquisitions
Risks in Operations
Statoil was exposed to various operations risks, including reservoir risk, risk of loss of oil and gas production and offshore catastrophe risk. All installations were insured, So the replacement cost would be covered by the captive insurance company, which also had a reinsurance program. Under this reinsurance program, as of December 31, 2002, approximately 70% of the approximately NOK 110 billion total insured amount was reinsured in the international reinsurance markets...
Health, Safety, Environmental & Catastrophe Risks
Statoil incurred substantial capital and operating costs to comply with increasingly complex laws and regulations covering the protection of the environment and human health and safety. These included costs to reduce air emissions and discharges to the sea and to remediate contamination at various owned and previously owned facilities and at third-party sites where products or wastes were handled or disposed. Statoil was subject to statutory liability in respect of losses or damages suffered as a result of spills or discharges of petroleum from manufacturing facilities...
Exhibit I: Statoil Income before Financials
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