Statoil is making steady progress to re-engineer its business towards a lower cost, lower carbon future. Progress on cost reduction means the company can deliver value and growth under a lower for longer oil price environment. Business development through the downturn has also helped to shift the portfolio down the cost curve. Innovative acquisitions and asset swaps have captured world-class growth assets at relatively low cost. But there is still work to do. Financial gearing is still one of the highest among the Majors and the growth outlook is weaker than most peers. Tough choices will need to be made about long-term strategic direction. New resource capture, global gas development options and renewable leadership opportunities will be key decision areas. .