Former Statoil CEO Helge Lund, who recently crossed over to Britain’s BG.
Former President and CEO of Norway’s state oil firm, Statoil, Mr Helge Lund, has crossed over to competitor British global exploration and production giant, BG, in the same capacity.
The former Statoil top executive who was in Tanzania in September to inspect operations—the firm has interests in gas—, will now be contemplating on how to meet his new targets with profitable business deals for BG.
According to UK media reports, BG managed to lure Mr Lund, who was previously believed to be heading for Oslo politics, with a generous pay and relocation package of £12m “golden hello” and annual earnings of £13.5m, if he hits all his targets.
“I would like to thank Helge Lund for his great efforts during his ten year tenure at Statoil. Under his leadership Statoil has become a stronger company. We have seen improved safety performance, significant international growth and a strong development on the Norwegian continental shelf. Exploration results and shareholder returns have both been among the best in the industry and the company’s integrity and values are strengthened,” said Svein Rennemo, chairman of the board in a message posted on the company’s website.
Britain’s third largest exploration and production business behind Shell and BP has been desperate to find a major figure to lead the business after a couple of turbulent years, reported The Guardian (of UK) on Wednesday.
There were speculations that Lund could lead cash-rich BG into similar new geographical areas either through the acquisition of drilling licences or companies, according to The Guardian.
Part of his package is nearly half a million pounds for “relocation” and a £3m buyout of shares he was owed at Statoil.
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