Statoil (STO +1.4%) is scolded by Norway regulators for failing to report a leak of pollutive...


Statoil (STO +1.4%) is scolded by Norway regulators for failing to report a leak of pollutive chemicals on the seafloor beneath its Njord field until more than two years after it was discovered. ~3,400 metric tons of chemicals and oily water leaked into the reservoir of the Norwegian Sea field during 1999-2006 from an injection well; STO was aware of the findings in 2011, but it didn't report them before last month.
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Comments (5)
  • Choosh
    , contributor
    Comments (590) | Send Message
     
    Tough for a government to do more than scold when they hold the majority of the shares.
    8 Jul 2013, 11:55 AM Reply Like
  • deercreekvols
    , contributor
    Comments (9513) | Send Message
     
    You beat me to it choosh.

     

    The Norwegian government owns almost 82% of Statoil, (81.7 to be exact).
    Basically, Norwegian regulators are being critical of the very government that is in charge of them.
    They will all head out to lunch and continue business as usual.

     

    What you have here is a non-story, in my opinion.

     

    Long STO and Norwegian. What would you expect me to say?
    8 Jul 2013, 12:02 PM Reply Like
  • arteest
    , contributor
    Comments (16) | Send Message
     
    The Norwegian citizenry is very vocal and a lot more protective of nature than those in North America. That's why the Norwegian Pension Fund pulled out of the oilsands in Canada. My point is that Statoil just may be catching it from Norwegians rather than the government.
    8 Jul 2013, 01:33 PM Reply Like
  • Veritas1010
    , contributor
    Comments (3193) | Send Message
     
    It is disappointing to see STO react in such a manner. It is what I would expect from Anglo-Saxon firms, not Scandinavian.
    8 Jul 2013, 04:04 PM Reply Like
  • Stun57
    , contributor
    Comments (43) | Send Message
     
    It is reasonable to think that the leak had been detected in 2011. The accumulated volume only recently reached the reportable event threshold. Just as a reference, 2 tons of water per month would be approx. 600 gallons. 20 gallons per day. >1 gallon/hour
    8 Jul 2013, 05:41 PM Reply Like
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