Creating history together
Ten years since the merger—what has happened?
This year marks ten years since the merger between Statoil ASA and Norsk Hydro’s oil and gas operations. We have taken a brief look back at the merger—the lead-up and reasons for it—and where Statoil stands today.
In October 2007, the merger between Statoil and Hydro finally became a reality. At the time, the new company was represented in 40 countries and had 29,500 employees. The merger was concluded in record time—less than a year passed from the proposal being launched to StatoilHydro becoming a reality. Two strong, and, in some ways, very different cultures were to become one.
Norsk Hydro ASA (Hydro) was founded in 1905 as a private company. Hydro-electric development at the beginning of the 20th century laid the basis for industrial growth in Norway
and for Hydro’s business concept, which was the production of nitrogen fertiliser. Hydro became involved in the oil and gas industry in 1963, and participated in the first commercial discovery on the NCS in 1969.
Statoil was established as a wholly state-owned oil company in 1972. The SDFI reform in 1985 marked a watershed that made it possible to consider the ownership structure and apply for public listing. The reform marked the start of a process leading up to the public listing of Statoil in 2001.