SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
|_||REGISTRATION STATEMENT PURSUANT TO SECTION 12(b) OR 12 (g)|
OF THE SECURITIES EXCHANGE ACT OF 1934
ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d)
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d)
SHELL COMPANY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
Commission File No. 1-15200
(Exact Name of Registrant as Specified in Its Charter)
(Translation of Registrant's Name Into English)
(Jurisdiction of Incorporation or Organization)
Forusbeen 50, N-4035 Stavanger, Norway
(Address of Principal Executive Offices)
Chief Financial Officer
Forusbeen 50, N-4035
Telephone No.: 011-47-5199-0000
Fax No.: 011-47-5199-0050
(Name, Telephone, E-mail and/or Facsimile number and Address of Company Contact Person)
Securities registered or to be registered pursuant to Section 12(b) of the Act:
Title of each class
Name of each exchange on which registered
American Depositary Shares
New York Stock Exchange
*Listed, not for trading, but only in connection with the registration of American Depositary Shares, pursuant to the requirements of the Securities and Exchange Commission
Securities registered or to be registered pursuant to Section 12(g) of the Act: None
Securities for which there is a reporting obligation pursuant to Section 15(d) of the Act: None
Indicate the number of outstanding shares of each of the issuer's classes of capital or common stock as of the close of the period covered by the Annual Report:
Ordinary shares of NOK 2.50 each 3,188,647,103
Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act
If this report is an annual or transition report, indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934.
Note – Checking the box above will not relieve any registrant required to file reports pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 from their obligations under those Sections.
Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.
Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files).**
**This requirement does not apply to the registrant in respect of this filing.
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, or a non-accelerated filer. See definition of “accelerated filer and large accelerated filer” in Rule 12b-2 of the Exchange Act. (Check one):
Large accelerated filer_X_
Indicate by check mark which basis of accounting the registrant has used to prepare the financial statements included in this filing:
U.S. GAAP __ International Financial Reporting Standards as issued by the International Accounting Standards Board _X_ Other __
If “Other” has been checked in response to the previous question, indicate by check mark which financial statement item the registrant has elected to follow.
If this is an annual report, indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).
Annual report on Form 20-F 2011
Table of content
|1.1 Key figures|
|1.2 About the report|
|1.3 Financial highlights|
|1.4 A glance at 2011|
|2 Business overview and strategy|
|2.1 Our business|
|2.2 Our history|
|2.3 Our competitive position|
|2.4 Organisational structure|
|2.5.1 Our business environment|
|2.5.2 Our corporate strategy|
|2.5.3 Our technology|
|3 Operational review|
|3.1 Development and Production Norway (DPN)|
|3.1.1 Introduction to DPN|
|3.1.2 DPN key events in 2011|
|3.1.3 The NCS portfolio|
|188.8.131.52 Core production areas|
|184.108.40.206 Portfolio management|
|3.1.4 Exploration on the NCS|
|3.1.5 Development on the NCS|
|220.127.116.11 NCS fields under development|
|18.104.22.168 Redevelopments on the NCS|
|3.1.6 Fields in production on the NCS|
|22.214.171.124 Production on the NCS|
|126.96.36.199 Operations South|
|188.8.131.52 Operations North Sea West|
|184.108.40.206 Operations North Sea East|
|220.127.116.11 Operations North|
|18.104.22.168 Partner-operated fields|
|3.1.7 Decommissioning on the NCS|
|3.2 Development and Production International (DPI)|
|3.2.1 Introduction to DPI|
|3.2.2 DPI key events in 2011|
|3.2.3 The DPI portfolio|
|3.2.4 International exploration|
|22.214.171.124 North America|
|126.96.36.199 South America and sub-Saharan Africa|
|188.8.131.52.3 East Africa|
|184.108.40.206 Middle East and North Africa|
|220.127.116.11 Europe and Asia|
|3.2.5 International production|
|3.2.6 International fields|
|18.104.22.168 North America|
|22.214.171.124 South America and sub-Saharan Africa|
|126.96.36.199 Middle East and North Africa|
|188.8.131.52 Europe and Asia|
|184.108.40.206.3 United Kingdom|
|3.3 Marketing, Processing and Renewable Energy (MPR)|
|3.3.1 Introduction to MPR|
|3.3.2 MPR key events 2011|
|3.3.3 Natural Gas|
|220.127.116.11 Natural Gas|
|18.104.22.168 The gas market|
|22.214.171.124 Gas sales and marketing|
|126.96.36.199 Norway's gas transport system|
|188.8.131.52 Kårstø gas processing plant|
|184.108.40.206 Kollsnes gas processing plant|
|220.127.116.11 Gas sales agreements|
|3.3.4 Crude oil, liquids and products|
|18.104.22.168 Crude oil, liquids and products|
|22.214.171.124 The oil market|
|126.96.36.199 Marketing and trading|
|3.3.5 Processing and manufacturing|
|188.8.131.52 Processing and manufacturing|
|3.3.6 Renewable energy|
|3.4 Statoil Fuel & Retail (SFR)|
|3.4.1 Introduction to SFR|
|3.4.2 SFR key events in 2011|
|3.4.3 The fuel and retail market|
|3.5 Technology, Projects and Drilling (TPD)|
|3.5.1 Introduction to TPD|
|3.5.2 TPD key events in 2011|
|3.5.3 Research and development|
|3.5.4 Technology excellence|
|3.5.6 Drilling and well|
|3.6 Global Strategy and Business Development (GSB)|
|3.6.1 Introduction to GSB|
|3.6.2 GSB key events in 2011|
|3.7 Significant subsidiaries|
|3.8 Production volumes and prices|
|3.8.1 Entitlement production|
|3.8.2 Production costs & sales prices|
|3.9 Proved oil and gas reserves|
|3.9.1 Development of reserves|
|3.9.2 Preparations of reserves estimates|
|3.9.3 Operational statistics|
|3.9.4 Delivery commitments|
|3.10 Applicable laws and regulations|
|3.10.1 The Norwegian licensing system|
|3.10.2 Gas sales and transportation|
|3.10.3 HSE regulation|
|3.10.4 Taxation of Statoil|
|3.10.5 The Norwegian State's participation|
|3.10.6 SDFI oil & gas marketing & sale|
|3.12 Property, plants and equipment|
|3.13 Related party transactions|
|3.15 People and the group|
|3.15.1 Employees in Statoil|
|3.15.2 Equal opportunities|
|3.15.3 Unions and representatives|
|4 Financial analysis and review|
|4.1 Operating and financial review 2011|
|4.1.1 Sales volumes|
|4.1.2 Group profit and loss analysis|
|4.1.3 Group outlook|
|4.1.4 Segment performance and analysis|
|4.1.5 Development and production Norway (DPN)|
|184.108.40.206 DPN profit and loss analysis|
|4.1.6 Development and Production International (DPI)|
|220.127.116.11 DPI profit and loss analysis|
|4.1.7 Marketing, processing and renewable energy (MPR)|
|18.104.22.168 MPR profit and loss analysis|
|4.1.8 Fuel & Retail|
|22.214.171.124 SFR profit and loss analysis|
|4.1.9 Other operations|
|4.1.10 Definitions of reported volumes|
|4.2 Liquidity and capital resources|
|4.2.1 Review of cash flows|
|4.2.2 Selected balance sheet information|
|4.2.3 Financial assets and liabilities|
|4.2.4 Principal contractual obligations|
|4.2.6 Impact of inflation|
|4.2.7 Critical accounting judgements|
|4.2.8 Off balance sheet arrangements|
|4.3 Non-GAAP measures|
|4.3.1 Return on average capital employed (ROACE)|
|4.3.2 Unit of production cost|
|4.3.3 Net debt to capital employed ratio|
|4.4 Accounting Standards (IFRS)|
|5 Risk review|
|5.1 Risk factors|
|5.1.1 Risks related to our business|
|5.1.2 Legal and regulatory risks|
|5.1.3 Risks related to state ownership|
|5.2 Risk management|
|5.2.1 Managing financial risk|
|5.2.2 Disclosures about market risk|
|5.3 Legal proceedings|
|6 Shareholder information|
|6.1 Dividend policy|
|6.2 Shares purchased by issuer|
|6.2.1 Statoil share savings plan|
|6.3 Information and communications|
|6.3.1 Investor contact|
|6.4 Market and market prices|
|6.4.1 Share prices|
|6.4.2 Statoil ADR programme fees|
|6.6 Exchange controls & limitations|
|6.7 Exchange rates|
|6.8 Major shareholders|
|7 Corporate governance|
|7.1 Articles of association|
|7.2 Ethics Code of Conduct|
|7.3 General meeting of shareholders|
|7.4 Nomination committee|
|7.5 Corporate assembly|
|7.6 Board of directors|
|7.6.1 Audit committee|
|126.96.36.199 Audit committee financial expert|
|7.6.2 Compensation committee|
|7.6.3 HSE and ethics committee|
|7.7 Compliance with NYSE listing rules|
|7.9 Compensation paid to governing bodies|
|7.10 Share ownership|
|7.11 Independent auditor|
|7.12 Controls and procedures|
|8 Consolidated financial statements|
|8.1 Notes to the Consolidated financial statements|
|8.1.2 Significant accounting policies|
|8.1.3 Accounting policy change for jointly controlled entities|
|8.1.5 Business development|
|8.1.6 Capital management|
|8.1.7 Financial risk management|
|8.1.9 Other expenses|
|8.1.10 Financial items|
|8.1.11 Income taxes|
|8.1.12 Earnings per share|
|8.1.13 Property, plant and equipment|
|8.1.14 Intangible assets|
|8.1.15 Investments in associated companies|
|8.1.16 Non-current financial assets and prepayments|
|8.1.18 Trade and other receivables|
|8.1.19 Current financial investments|
|8.1.20 Cash and cash equivalents|
|8.1.21 Transactions impacting shareholders equity|
|8.1.22 Bonds, bank loans and finance lease liabilities|
|8.1.23 Pensions and other non-current employee benefits|
|8.1.24 Asset retirement obligations, other provisions and other liabilities|
|8.1.25 Trade and other payables|
|8.1.26 Bonds, bank loans, commercial papers and collateral liabilities|
|8.1.28 Other commitments and contingencies|
|8.1.29 Related parties|
|8.1.30 Financial instruments by category|
|8.1.31 Financial instruments: fair value measurement and sensitivity analysis of market risk|
|8.1.32 Condensed consolidating financial information related to guaranteed debt securities|
|8.1.33 Supplementary oil and gas information (unaudited)|
|8.2 Report of Independent Registered Public Accounting firm|
|8.2.1 Report of Independent Registered Public Accounting firm|
|8.2.2 Report of Ernst & Young AS on Statoil's internal control over financial reporting|
|9 Terms and definitions|
|10 Forward looking statements|
|11 Signature page|
|13 Cross reference to Form 20-F|
1.1 Key figures
This section presents our performance in the following important areas: Income, cash flow, return, proved reserves, oil production and price, gas production and price, serious incidents, total recordable injuries and carbon dioxide emissions.
For the year ended 31 December (1)
For more detailed information, see Financial Highlights.
(in NOK billion, unless stated otherwise)
Net operating income:
Cash flows provided by operations:
Net debt to capital employed adjusted:
Calculated ROACE based Average Capital Employed before Adjustments:
Total equity liquids and gas production (mboe per day):
Proved oil and gas reserves (mmboe):
Production cost equity volumes (NOK/boe, last 12 months):
Proposed dividend per share NOK:
(1)Data for the years ended 31 December 2008 and 2007 have been omitted because such financial information cannot be provided on a restated basis without unreasonable effort or expense.
|The board of directors will propose the 2011 dividend for approval at the Annual General Meeting scheduled for 15 May 2012.|
1.2 About the report
Statoil's Annual Report on Form 20-F for the year ended 31 December 2011 ("Annual Report on Form 20-F") is available online at www.statoil.com.
Statoil is subject to the information requirements of the US Securities Exchange Act of 1934 applicable to foreign private issuers. In accordance with these requirements, Statoil files its Annual Report on Form 20-F and other related documents with the Securities and Exchange Commission, the SEC. It is also possible to read and copy documents that have been filed with the SEC at the SEC's public reference room located at 100 F Street, N.E., Washington, D.C. 20549, USA. You may also call the SEC at 1-800-SEC-0330 for further information about the public reference rooms and their copy charges, or you may log on to www.sec.gov. The report can also be downloaded from the SEC website at www.sec.gov.
Statoil discloses on its website at http://www.statoil.com/en/about/corporategovernance/statementofcorporategovernance/pages/default.aspx, and in its Annual Report on Form 20-F (Item 16G) significant ways (if any) in which its corporate governance practices differ from those mandated for US companies under the New York Stock Exchange (the "NYSE") listing standards.
1.3 Financial highlights
In 2011, Statoil delivered record net operating income. The value-creating Peregrino, Leismer and Gassled transactions, combined with strong oil and gas prices throughout the year, contributed to the strong financial results.
In 2011, production volumes were in line with expectations. Production start-up of new fields and ramp-up of production on existing fields combined with strong oil and gas prices enabled Statoil to deliver strong financial results and cash flows.
Statoil publishes financial data in accordance with International Financial Reporting Standards (IFRS) as issued by the International Accounting Standards Board (IASB) and as adopted by the European Union (EU).
For the year ended 31 December (1)
(in NOK billion, unless stated otherwise)
Total revenues and other income
Net operating income
Cash flows provided by operations
Cash flow used in investing activities
Bonds, bank loans and finance lease liabilities
Net interest-bearing liabilities before adjustments
Net interest-bearing liabilities adjusted
Net debt to capital employed ratio before adjustments
Net debt to capital employed ratio adjusted
Calculated ROACE based on Average Capital Employed before adjustments
Equity oil and gas production (mboe/day)
Proved oil and gas reserves (mmboe)
Reserve replacement ratio (three-year average)
Production cost equity volumes (NOK/boe, last 12 months)
Earnings per share for income attributable to equity holders of the company diluted
Share price at Oslo Stock Exchange on 31 December
Dividend paid per share NOK (2)
Dividend paid per share USD (3)
Weighted average number of ordinary shares outstanding
(1)Data for the years ended 31 December 2008 and 2007 have been omitted because such financial information cannot be provided on a restated basis without unreasonable effort or expense.
(2) See Shareholder information section for a description of how dividends are determined and information on share repurchases. The board of directors will propose the 2011 dividend for approval at the Annual General Meeting scheduled for 15 May 2012.
(3) USD figure presented using the Central Bank of Norway 2011 year-end rate for Norwegian kroner, which was USD 1.00 = 5.99 NOK. The board of directors will propose the 2011 dividend for approval at the Annual General Meeting scheduled for 15 May 2012.
1.4 A glance at 2011
Statoil delivered strong financial results and cash flows in 2011 as a result of production in line with expectations and high gas and liquids prices. We presented a technology-focused upstream strategy, we further streamlined the portfolio through divestments and acquisitions, and we delivered historic exploration results.
Effective from 1 January 2011, we have reported our business through the following reporting segments: Development and Production Norway; Development and Production International; Marketing, Processing and Renewable Energy; Fuel & Retail; Other.
We were awarded interests in 11 production licenses on the NCS, and will be operator for eight of these licenses. One of the operatorships is in the Barents Sea, one in the Norwegian Sea and six are in the North Sea.
In Angola, the national oil company Sonangol announced that Statoil had been selected for operatorship and participation in several offshore pre-salt blocks.
We announced first oil production from the Leismer Demonstration Project in Canada. Statoil's oil sands leases are located in north east Alberta.
Statoil's internal investigation into the gas leakage on the Gullfaks B platform in the North Sea on 4 December 2010 was concluded and the report presented to the Petroleum Safety Authority Norway.
Statoil and ExxonMobil agreed to explore three Faroese offshore licenses jointly.
The Norwegian government decided to gather more facts relevant to a possible future impact assessment for Lofoten and Vesterålen. At the same time the government decided not to carry out an impact assessment for the duration of the current Norwegian parliament.
The Vega field in the North Sea and the Tyrihans subsea field in the Norwegian Sea were officially opened. The fields are expected to make important contributions to our production on the NCS.
At a ceremony in Bangkok, Statoil signed a Memorandum of Understanding (MoU) with PTT Exploration and Production of Thailand. Under the MoU, the companies will seek to cooperate in the areas of conventional and unconventional resources and liquefied natural gas (LNG) in a global setting.
In the Statfjord A operating plans, Statoil assumed that production shutdown may take place in 2014. Therefore we outlined a draft program for an impact analysis of platform removal, including a description of plans for cessation and decommissioning.
Statoil received the investigation report from the Petroleum Safety Authority Norway on the Gullfaks B gas leak on 4 December 2010. Statoil published its own investigation of the incident in February.
Two new fast-track development projects were launched on the NCS, namely Gamma/Harepus and Snorre B template.
Statoil and KazMunayGas signed a Heads of Agreement (HoA) on the Abay block in the Kazakhstani sector of the Caspian Sea. Under the HoA, the parties will conduct an evaluation of the hydrocarbon potential of the Abay block.
Statoil, along with partners Eni Norway and Petoro, made a significant oil discovery on the Skrugard prospect in the Barents Sea. The discovery was one of the most important finds on the NCS of the decade, and opened a new oil province that could provide additional resource growth.
We started oil production on the Peregrino field offshore Brazil. This marked a safe and efficient start-up of Statoil's largest international operatorship to date.
A new oil find was made by Statoil immediately adjacent to the Peregrino field in the Campos Basin offshore Brazil.
Statoil released its inaugural 2010 Canadian Oil Sands Report Card, containing performance indicators for the Leismer Demonstration Project (LDP) and surrounding Kai Kos Dehseh leases in northern Alberta and our actions to improve environmental performance as the leases are developed.
Statoil farmed in to three offshore exploration licenses in Indonesia, significantly expanding our presence in the country.
Statoil and Petrobras signed a letter of intent to expand the cooperation between the companies in respect of exploration, and to assess how the two companies can benefit from operational synergies.
Statoil's first fast-track-project - Visund South - moved ahead as planned. The seabed template commenced its journey out to the field located south of Gullfaks in the North Sea.
Statoil and Sintef, an independent research organisation in Scandinavia, signed a new and comprehensive research framework agreement.
Statoil decided to divest a 24.1% direct and indirect stake in the Gassled natural gas transportation infrastructure joint venture for a consideration of NOK 17.35 billion. Following this transaction, Statoil will continue to own 5.0% in the joint venture.
The plan for development and operation of the Valemon gas and condensate field in the North Sea was approved by the Norwegian parliament. Production start-up is expected in 2014.
Statoil celebrated its 10th anniversary as a listed company. We presented a technology-focused upstream strategy.
Statoil signed two agreements for the sale of the major part of Statoil's onshore wind power activities in Norway, enabling the group to focus more of its efforts on offshore wind projects.
Statoil and Gassnova invited suppliers to take part in a technology qualification program for full-scale carbon capture at Mongstad.
Statoil awarded the contract for construction of two new drilling rigs specifically designed for use on mature fields on the NCS.
The steel support structure for the Gudrun platform came into place on the North Sea field, completing the first phase of the extensive installation work carried out there.
Statoil and partners Petoro AS, Det norske oljeselskap ASA and Lundin Norway AS made a significant oil discovery on the Aldous Major South prospect (PL 265) in the North Sea. Communication between the Aldous and Avaldsnes (PL 501) oil discoveries in the North Sea was confirmed, indicating that this is one field.
Statoil and its partners in the Troll license decided to invest NOK 11 billion in two new compressors on Troll A. The compressors would enable the production of gas from the field at commercial volumes until 2063.
Lundin Norway AS, as operator for license PL501 located in the North Sea, announced increased estimated recoverable resources within the Avaldsnes discovery in production license PL501. Statoil confirmed a significant upside potential and that it would continue to collect and analyze data before concluding on updated estimates.
Statoil called off the search for a 48-year-old man reported missing on the Visund platform in the North Sea on Thursday 6 October. An extensive search of the seabed around the platform had been unsuccessful.
Statoil and Brigham Exploration Company announced that they had entered into a merger agreement for Statoil to acquire all of the outstanding shares of Brigham through an all-cash tender offer. The total equity value was approximately USD 4.4 billion. The US unconventional plays hold a substantial resource base and represent an increasingly important part of future energy supplies.
Statoil, together with partners Petoro AS, Det norske oljeselskap ASA and Lundin Norway AS, confirmed significant additional volumes in its appraisal well in the Aldous Major South discovery (PL265) in the North Sea.
Statoil signed an agreement to acquire Hess's 3.26% ownership in the Barents Sea Snøhvit Unit and adjacent production licenses.
Statoil, Chevron Canada and Repsol E&P Canada were named successful bidders for exploration rights on two land parcels in the Flemish Pass Basin, offshore Newfoundland and Labrador, Canada.
Statoil raised a total of USD 1.75 billion of debt in the capital markets. The transactions are expected to increase the financial flexibility of the company.
Statoil acquired a 30% participating interest from Tullow Oil in block 47 offshore Suriname.
Statoil decided to farm down three and exit five assets on the NCS for a total consideration of USD 1.625 billion. The buyer is Centrica, a UK based energy company and an established NCS player.
Statoil and Centrica entered into a long term gas sales agreement for the delivery of 5 billion cubic meters (bcm) per year from 2015 to 2025 to the UK market.
Statoil was awarded the operatorship and a substantial working interest in a large offshore exploration license in eastern Indonesia.
Statoil and Brigham Exploration Company announced that more than 92.2 percent of the outstanding shares of Brigham's common stock had been tendered to Statoil (excluding shares purchased by Statoil from Brigham). Statoil has since effected a short-form merger under Delaware law.
Statoil increased its sponsorship of the FIRST® (For Inspiration and Recognition of Science and Technology) LEGO League, involving the building of LEGO-based robots by young students. As part of the group's Heroes of Tomorrow sponsorship programme, the agreement represents the group's first global sponsorship agreement.
Statoil announced broad efforts to identify the direct and underlying causes of the Gullfaks C well control event on 19 May 2010. This was in response to post-incident orders from the Petroleum Safety Authority Norway.
2 Business overview and strategy
2.1 Our business
Statoil is an integrated energy company that is primarily engaged in oil and gas exploration and production activities. Statoil's headquarters are in Norway, and the company has business operations in 41 countries and territories.
Statoil ASA is a public limited liability company organised under the laws of Norway and subject to the provisions of the Norwegian act relating to public limited liability companies (the Norwegian Public Limited Companies Act). Statoil is the leading operator on the Norwegian continental shelf (NCS). It is also expanding its international activities.
Entitlement oil and gas production outside Norway accounted for 19.6% of our total production, which averaged 1,650 mmboe per day in 2011.
As of 31 December 2011, we had proved reserves of 2,276 mmbbl of oil and 3,150 bcm (equivalent to 17,681 tcf) of natural gas, corresponding to aggregate proved reserves of 5,426 mmboe.
We have business operations in 41 countries and territories. As of 31 December 2011, there were 31,715 employees in the Statoil group. Of this total, 10,385 were employees of the Statoil Fuel & Retail group, in which we held a 54% majority ownership interest as of 31 December 2011.
We are among the world's largest net sellers of crude oil and condensate, and we are the second-largest supplier of natural gas to the European market. We also have substantial processing and refining operations. We are contributing to the development of new energy resources, have ongoing activities in the areas of offshore wind and biofuels, and are at the forefront of the implementation of technology for carbon capture and storage (CCS).
In further developing our international business, we intend to utilise our core expertise in areas such as deep water, heavy oil, harsh environments and gas value chains in order to exploit new opportunities and develop high-quality projects.
Our business address is Forusbeen 50, N-4035 Stavanger, Norway. Our telephone number is +47 51 99 00 00. Our largest locations in terms of the number of employees are in Stavanger, Bergen and Oslo, Norway.
The Statoil group, the main business areas and staff functions are presented in the following sections of this report.
The figure below provides an overview of the countries and territories in which Statoil has business operations.
2.2 Our history
Statoil was formed in 1972 by a decision of the Norwegian Storting (parliament). It was listed on the stock exchanges in Oslo and New York in 2001.
Statoil was incorporated as a limited liability company under the name Den norske stats oljeselskap AS on 18 September 1972. As a company wholly owned by the Norwegian State, Statoil's role was to be the government's commercial instrument in the development of the oil and gas industry in Norway.
In 2001, the company became a public limited company listed on the Oslo and New York stock exchanges, and it changed its name to Statoil ASA. On 1 October 2007, the oil and gas division of Norsk Hydro ASA was merged with Statoil, and the company was given the temporary name of StatoilHydro. On 1 November 2009, the company changed its name back to Statoil.
We have grown in parallel with the Norwegian oil and gas industry, which dates back to the late 1960s. Initially, our operations primarily focused on exploration for and the production and development of oil and gas on the Norwegian continental shelf (NCS) as a partner.
In the 1970s, we commenced our own operations, made important discoveries and began oil refining operations, which have been of great importance to the further development of the NCS.
We grew substantially in the 1980s through the development of large fields on the NCS (Statfjord, Gullfaks, Oseberg, Troll and others). We also became a major player in the European gas market by securing large sales contracts for the development and operation of gas transport systems and terminals. During the same decade, we were involved in manufacturing and marketing in Scandinavia and established a comprehensive network of service stations.
The 1990s were characterised by substantial improvements in the production performance of our large fields. This was the result of intense technological development on the NCS. We laid the foundation for future improvements by becoming a leading company in the fields of floating production facilities and subsea development. The company grew strongly, expanded in new product markets and increased its commitment to international exploration and production.
Since 2000, our business has grown as a result of substantial investments on the NCS and internationally. Our ability to fully realise the potential of the NCS was strengthened through the merger with Hydro's oil and gas division, which also bolstered our global competitiveness.
In recent years, we have utilised our expertise to design and manage operations in various environments in order to grow our upstream activities outside our traditional area of offshore production. This includes the development of heavy oil and shale gas projects.
In October 2010, we successfully carried out an initial public offering (IPO) of Statoil Fuel & Retail ASA on the Oslo stock exchange (Oslo Børs), partially divesting and reducing our interest in the business relating to service stations.
2011 was a very significant year for Statoil. It started with the implementation of a new organisational model and reporting segments. Throughout the year, we delivered strong financial results and cash flows as a result of strong production in line with expectations and high gas and liquids prices. We delivered historic exploration results, particularly through the Skrugard prospect in the Barents Sea the Johan Sverdrup discovery in the North Sea and the Peregrino South discovery in Brazil. We also started oil production on the large Peregrino field off the coast of Brazil - Statoil's largest international operatorship to date.
We further streamlined our portfolio in 2011. On the divestment side, Statoil decided to divest a 24.1% direct and indirect stake in the Gassled natural gas transportation infrastructure joint venture, and entered into an agreement to farm down three and exit five assets on the NCS. On the acquisition side, Statoil and Brigham Exploration Company announced an agreement for Statoil to acquire all of the outstanding shares in Brigham. The transaction was completed in 2011.
The US unconventional plays constitute a substantial resource base and represent an increasingly important part of future energy supplies. Statoil has progressively developed industrial capabilities through early entrance into the Marcellus and Eagle Ford shale plays. Entering the Bakken and Three Forks tight oil plays and taking on operatorship is a significant new step for Statoil. We aim to position ourselves as a leading player in the fast-growing US onshore oil and gas industry.
Although petroleum-related activities on the NCS and internationally have accounted for the bulk of our business, we are increasingly participating in projects that focus on other forms of energy - such as offshore wind and carbon capture and storage (CCS) - in anticipation of the need to expand energy production, strengthen energy security and combat adverse climate change.
2.3 Our competitive position
Information about Statoil's competitive position relies on a range of sources, including analyst reports, independent market studies and our internal assessments of our market share.
The information about Statoil's competitive position in the business overview and strategy, and operational review sections is based on a number of sources - including investment analyst reports, independent market studies, and our internal assessments of our market share based on publicly available information about the financial results and performance of market players.
We have endeavoured to be accurate in our presentation of information based on other sources, but have not independently verified such information.
2.4 Organisational structure
A new corporate structure was implemented with effect from 1 January 2011. The changes were made in order to simplify the organisation, enhance value creation and clarify internal accountability.
The figure below illustrates the new corporate structure:
Development and Production Norway (DPN)
DPN comprises our upstream activities on the Norwegian continental shelf (NCS). DPN aims to continue its leading role and ensure maximum value creation on the NCS. Through excellent HSE and improved operational performance and cost, DPN strives to maintain and strengthen Statoil's position as a world-leading operator of producing offshore fields. DPN seeks to open new acreage and to mature improved oil recovery and exploration prospects. New and existing fields are primarily developed using an industrial approach, where speed of delivery and cost improvements through standardisation and repeated use of proven solutions are key elements.
Development and Production International (DPI)
DPI comprises our worldwide upstream activities that are not included in the DPN and DPNA business areas. DPI's ambition is to build a large and profitable international production portfolio covering activities ranging from accessing new opportunities to delivering on existing projects and managing a production portfolio. DPI endeavours to ensure the delivery of profitable projects in a range of complex technical and stakeholder environments, and it manages a broad non-operated production portfolio that will be complemented with operated positions.
Development and Production North America (DPNA)
DPNA comprises our upstream activities in North America. DPNA's ambition is to develop a material and profitable position in North America, including the deepwater regions of the Gulf of Mexico and unconventional oil and gas and oil sands in the USA and Canada. In doing this, we aim to further strengthen our capabilities in deep water, unconventional gas operations and carbon-efficient oil sands extraction.
Marketing, Processing and Renewable Energy (MPR)
MPR comprises our marketing and trading of oil products and natural gas; transportation, processing and manufacturing; the development of oil and gas value chains; and renewable energy. MPR's ambition is to maximise value creation in Statoil's midstream, marketing and renewable energy business.
Technology, Projects and Drilling (TPD)
TPD's ambition is to provide safe, efficient and cost-competitive global well and project delivery, technology excellence and R&D. Cost-competitive procurement is an important contributory factor, although group-wide procurement services are also expected to help to drive down costs in the group.
EXP's ambition is to position Statoil as one of the leading global exploration companies. This is achieved through accessing high potential new acreage in priority basins, globally prioritising and drilling more significant wells in growth and frontier basins, delivering near-field exploration on the NCS and other select areas, and achieving step-change improvements in performance.
Global Strategy and Business Development (GSB)
GSB sets the corporate strategy, business development, and merger and acquisition activities (M&A) for Statoil. The ambition of the new GSB business area is to closely link corporate strategy, business development and M&A activities to actively drive Statoil's corporate development.
After implementing the new corporate structure 1 January 2011, Statoil has reported its business in five reporting segments: Development and Production Norway (DPN); Development and Production International (DPI), which combines the DPI and DPNA business areas; Marketing, Processing and Renewable Energy (MPR); Fuel & Retail (SFR); and Other. See note 4 Segments, to the consolidated financial statements for additional information.
Activities relating to the Exploration business area are allocated to and presented in the respective development and production segments.
The Other reporting segment includes activities in TPD, GSB, Corporate Staffs and Services, and activities related to the CFO.
After the successful listing on the Oslo Stock Exchange in October 2010, Statoil's remaining ownership share in the listed company Statoil Fuel & Retail ASA, is 54%. SFR is fully consolidated in Statoil's financial statements, and is reported as seperate reporting segment followed up by the CFO area. SFR is a leading road transportation fuel retailer that is present in eight countries in Scandinavia, and Central and Eastern Europe. SFR is also involved in the sale of stationary energy, marine fuel, aviation fuel, lubricants and chemicals. As of December 2011, SFR had a network of 2,305 service stations in its eight countries of operations. Statoil Fuel & Retail ASA also markets refined products directly to consumer and industrial markets.
Statoil's vision is "Crossing Energy Frontiers". It guides our long-term strategy as an upstream-oriented and technology-based energy company.
At the heart of our strategy is a strong focus on operations and HSE. We operate in an industry that is becoming increasingly complex. Access to and competition for resources is becoming more challenging. The pace of change will continue to increase in the future and the importance of quality in execution will be even higher - making safe and efficient operations more important than ever.
2.5.1 Our business environment
While the current global economic situation is fragile, non-OECD economies are still growing at an impressive rate. This factor should play a large role in keeping global energy demand high in the future.
Since the 2008 financial crisis, OECD countries have struggled to stage a stable and sustained recovery. Key economies are hampered by high sovereign debt and large deficits. Households and businesses remain very cautious, and a rebalancing of public and private balance sheets in the OECD will take time. Non-OECD economies, on the other hand, have remained relatively robust, growing at about three times the pace of the OECD average.
Global oil demand climbed slightly in 2011 as growth in non-OECD markets offset the decline in the OECD markets. In spite of muted demand, prices hovered around USD 110/bbl for much of 2011, in contrast to the period 2008-2009, when demand contraction led prices to fall to below USD 40/bbl. The ramp-up in prices as demand rebounded in 2010 reflected growing concern about future capacity additions, which, along with actual supply-side shocks, continued to play a role in maintaining high prices in 2011.
In gas markets, 2011 was marked by a 9% increase in LNG imports to Asia in the wake of the Fukushima tragedy. This increase contrasted with stagnant North American and declining European demand. The recovery in gas demand following the 2008-2009 recession heralded a new paradigm in pricing as continued aggressive development of unconventional gas in North America broke the link between Henry Hub and UK National Balancing Point (NBP) and Asian LNG prices. Henry Hub was below USD 4/MMBtu for much of 2011, whereas the UK NBP price was closer to USD 10/MMBtu, and Asian LNG prices were even higher, reflecting the willingness of buyers there to pay an energy security premium.
Given OECD weakness and non-OECD robustness, Statoil expects the world economy to grow by 3.1% annually over the coming 10 years, with an OECD annual average of 2.1% and a non-OECD annual average of 5.4%. This anticipated economic development pattern means increasing economic gravitation towards the East, at the expense of the West.
Solid non-OECD growth is expected to support energy demand over the next 10 years. In the period from 2011 to 2020, internal Statoil research suggests that growth in oil demand will average 1.0% (~0.8 mbpd) annually and will - along with continued concern about upstream capacity - support oil prices close to the levels seen recently. Statoil expects non-OPEC capacity to rise by only 0.3-0.4 mbpd per year on average going forward, which means increased demand for OPEC liquids and reduced OPEC spare capacity.
Statoil's internal research suggests that gas demand in Europe and North America will increase by 1-2% per year in the period up to 2020, while Asian demand will grow at around 5% per year in the same period. Both Europe and Asia will rely more on imported LNG to meet demand, which will probably result in upward pressure on prices. This contrasts with the situation in North America, where continued development of shale gas is expected to maintain downward pressure on prices in the short to medium term.
The current global economic situation is fragile, and the actual development path could be either more subdued or more buoyant than currently anticipated. As a result, energy prices could vary considerably in the short to medium term.
Production to reserve growth remains a key challenge for international oil companies, as it has been over the last five to ten years. We believe Statoil's compound average growth rate in the last decade (2.7%) is highly competitive. Access to new resources has been made more difficult as a result of increasing competition and tighter fiscal conditions in many resource-holding countries. Corporate responses to this situation have been varying mixes of moves into unconventional assets such as shale gas, increased focus on exploration, and the rationalisation of asset portfolios to strengthen balance sheets and reposition for growth.
Going forward, the decline of legacy fields and the increasingly technically challenging nature of new field developments are expected to put upward pressure on capital and operational expenditures. Together with depressed equity markets and tightening credit, this will put a strain on the liquidity of many industry players in the years ahead and may trigger industry restructuring.
2.5.2 Our corporate strategy
Statoil aims to grow and enhance value through its technology-focused upstream strategy, supplemented by selective positions in the midstream and in low-carbon technologies.
Statoil made sound strategic progress in 2011. First, a major reorganisation was implemented at the beginning of the year, then an updated strategy was presented to investors in June.
Statoil's immediate priorities remain to conduct safe, reliable operations with zero harm to people and the environment, and to deliver production growth.
To succeed going forward we are focusing strategically on the following:
- Revitalising Statoil's legacy position on the NCS
- Building offshore clusters
- Developing into a leading exploration company
- Stepping up our activity in unconventional resources
- Creating value from a superior gas position
- Continuing portfolio management to enhance value creation
- Utilising oil and gas expertise and technology to open new renewable energy opportunities.
Revitalising Statoil's legacy position on the NCS
The NCS remains a prolific and productive oil and gas province where only half of the resources have been produced. The Skrugard discovery in the spring of 2011 and Havis discovery in early 2012 have increased expectations of the exploration potential of the Barents Sea. Furthermore, the Aldous/Avaldsnes discoveries have stimulated efforts to make additional new large discoveries in the more mature North Sea. Between now and 2020, Statoil aims to bring on stream new production from a combination of developments of smaller discoveries, increased oil recovery (IOR) projects and the development of larger discoveries.
Current plans put the number of IOR projects at approximately 100. Future oil price expectations will extend the economic lifetime of most of the major fields, and thereby reduce the time criticality of many of the IOR projects. This will allow for greater flexibility in determining the optimal timing of these projects.
A number of larger field developments are currently in the project pipeline. They include the Luva, Dagny, Skrugard and Aldous/Avaldsnes fields, which are expected to contribute considerably to Statoil's total production over the period 2016-2020.
Of the approximately 40 smaller field development projects identified on the NCS, Statoil currently has nine projects in its fast-track development portfolio. Plans for development and operation have already been submitted for five of them (Skuld, Hyme, Stjerne, Vigdis North-East and Visund South) and two more (Visund North and Vilje South) have received licence approval. Fast-track developments are expected to contribute approximately 100,000 barrels of oil equivalent per day (boepd) by 2014.
Building offshore clusters
Statoil's international oil and gas production has increased from 100,000 to 500,000 boepd over the last decade. The company has established a presence in 41 countries and built a strong international portfolio of assets.
These countries include some of the most attractive basins in the industry - such as the USA (Gulf of Mexico [GoM] and onshore), Brazil, Angola and Azerbaijan (Caspian). Based on its efforts over the last 15-20 years, Statoil is now in a position to build at least three to five offshore clusters in select areas over the next eight to ten years.
Offshore clusters are areas that make a material contribution to total production, where Statoil is the operator and has a mix of assets in different stages of development, and where we possess considerable expertise, both below and above ground. Through the cluster focus, our goal is to achieve greater economies of scale, capture synergies and thereby increase profitability.
The first oil from the Peregrino field in Brazil was produced in 2011. We continue to work on ramping up Peregrino production, and, in the time ahead, we will focus on further developing the Peregrino area and maturing the existing exploration portfolio.
In Angola, we are working to optimise the non-operated portfolio, and to explore the significant pre-salt acreage we were awarded in 2011 (18,400 square kilometres). This is an exciting new play with parallels to the Brazilian pre-salt acreage.
In the GoM, Statoil was one of the first oil companies to be issued a permit to resume drilling after the Macondo incident. Here, besides managing our non-operated production, we are stepping up our efforts to mature, high grade and drill the best prospects in our drilling programme, and we continue to focus on developing improved subsurface capabilities in order to increase recovery rates.
Developing into a leading exploration company
2011 has been a good year for exploration for Statoil. In fact, the company made the single biggest oil discovery worldwide in 2011 (Johan Sverdrup in the North Sea).
To replicate this success we aim to balance the strengthening of our exploration portfolio in offshore clusters (North Sea, Angola, Brazil, the Caspian and the GoM) with frontier exploration and more high-impact wells to unlock new plays (e.g. the Norwegian Sea, Barents Sea and other Arctic areas, Tanzania and Indonesia).
More specifically, we will focus on:
- A select set of basins - including frontier regions
- Drilling more significant wells
- Securing access to exploration acreage early and at scale and low cost through innovation and new ways of cooperation
- Reducing drilling costs
Stepping up our activity in unconventional resources
The Brigham acquisition in the fourth quarter of 2011 is the most recent example of our ambition to step up our position in North American unconventional resources. Building on our Alberta, Canada Kai Kos Deh Seh oil sands project - where we announced the first oil production at the Leismer Demonstration Project in January 2011 and reached one million barrels of accumulated oil production in June 2011 - our unconventional resources portfolio is now diverse, and it also includes leases in the shale gas and oil basins of Marcellus, Eagle Ford and Bakken across the USA.
Our priorities in unconventional resources include:
- Delivering on production plans
- Developing and executing a technology roadmap for unconventional resources
- Filling in our current upstream positions
- Further building for the long term through early access to land.
By 2020, we anticipate that North American production of unconventional resources will contribute in excess of 12% of Statoil's total oil and gas production.
Creating value from a superior gas position
Compared to our peers, the proximity of our reserves, the flexibility of our production and transportation systems and our commercial experience in gas sales and trading puts us in a unique position in relation to the European gas market. In the short term, we are making considerable efforts to maximise the value of our gas in this market.
In the medium to long term, our strategic thinking is directed towards the continued promotion of gas as an important part of meeting European objectives for energy security and emission reductions. Statoil has a pan-European perspective that includes North Africa (Algeria), the Caspian and LNG options, in addition to gas from the NCS. We strongly believe that natural gas is the most cost-effective bridge to a low-carbon economy.
Beyond Europe, Statoil's planned midstream gas and liquids activities in North America are progressing in step with the building of our upstream unconventional resources business. These activities encompass a mix of capacity commitments, ownership and/or operation of gathering, transportation and storage facilities, marketing alliances and trading operations. They are considered important in terms of both flow assurance and margin capture.
Continuing portfolio management to enhance value creation
By being proactive, we intend to further enhance our portfolio in the years ahead so that it will ultimately be more valuable, more robust and more sustainable beyond 2020. The strategic focus in these endeavours will be to access exploration acreage and unconventional reserves, secure operatorships, build cluster positions, manage asset maturity, de-risk positions and demonstrate the intrinsic value of the portfolio.
The transactions signed and/or closed in 2011 (the Gassled farm-down, Brigham acquisition, Snøhvit farm-up, Valemon/Hild swap, the acquisition of Marcellus and Eagle Ford in-fill acreage and the NCS asset package sale to Centrica) further underpin our ability to redeploy capital and create value.
Utilising oil and gas expertise and technology to open new renewable energy opportunities
Climate change and growing demand for clean energy are creating new renewable and low-carbon technology business opportunities. Our core capabilities and expertise put us in a position to seize these opportunities in two specific areas: offshore wind, and carbon capture and storage (CCS).
Our first priority in offshore wind will be to complete the Sheringham Shoal development in the UK. Beyond Sheringham Shoal, our aim is to utilise the experience gained to develop new projects. In addition, work also continues on developing the proprietary Hywind floating offshore wind concept. Whether at Sheringham Shoal or through Hywind, our overall ambition is to play an active role in reducing costs in order to make offshore wind profitable on a stand-alone basis.
CCS represents a key technology for reducing carbon emissions. We have become a world leader in the development and application of CCS, and we intend to build on our carbon storage experience (Sleipner, In Salah and Snøhvit projects) to position ourselves for a future commercial CCS business. We are maturing two carbon capture projects at present - the large-scale Technology Centre Mongstad testing facility and the full-scale Carbon Capture Mongstad plant.
2.5.3 Our technology
We continually develop and deploy innovative technologies to achieve safe and efficient operations, and deliver on our strategic objectives. We have also defined four business-critical aspirations that we will strive to achieve over the next decade.
We believe that technology is a critical success factor in the business environment within which we operate. This environment is characterised by an increasingly broad and complex opportunity set, stricter demands on our licence to operate and tougher competition. In this context, technology is increasingly important for resource access, value creation and growth.
Our track record has demonstrated our ability to overcome significant technical challenges through the development and deployment of innovative technologies. At present, we are an industry leader in subsurface production and multiphase pipeline transportation.
Statoil's technology strategy is based on three main principles:
- Prioritising business-critical technologies
- Strengthening our licence to operate
- Expanding our capabilities
Prioritising business-critical technologies
Four business-critical technology aspirations need to be met in order to deliver on our strategic objectives for 2020:
- We need to be an industry leader in seismic imaging and interpretation based on proprietary technology in order to increase our discovery rates.
- We need to achieve breakthrough performance on reservoir characterisation and recovery to maximise value.
- We need a step change in well construction efficiency to drill more cost-effective wells.
- We need to develop and operate "longer, deeper and colder" subsea technologies in order to increase production and recovery. Large-scale subsea compression and complete subsea production factories are the goal by 2015 and 2020, respectively.
Strengthening our licence to operate
To secure our licence to operate, we must continuously focus on technologies for safe, reliable and efficient operations, as well as supporting integrity management. We are committed to developing and implementing energy-efficient and environmentally sustainable solutions.
Expanding our capabilities
Succeeding in a highly competitive environment will require more than just a strong focus and heavy investments. It will require the ability to build on competitive advantages, stimulate innovation and take a long-term view on selected potentially high-impact technology ventures. To do this, we will:
- Specify asset-specific requirement and execution plans to introduce new solutions
- Provide incentives for and reward those ventures that solve complex technical problems through innovative solutions, particularly when combined with prudent risk management
- Continuously adapt our collaborative way of working with partners and suppliers on a global basis.
3 Operational review
Statoil's operational review follows the segments resulting from the new corporate structure implemented on 1 January 2011. However, certain disclosures about oil and gas reserves are based on geographical areas, as required by the SEC.
The new corporate structure is presented in the section Organisational structure.
In this chapter, the operations of each reporting segment are presented. Underlying activities or business clusters are presented according to how the reporting segment organises its operations. However, the Exploration operating segment's activities, which include group discoveries and the appraisal of new exploration resources, are presented as part of the various development and production reporting segments (Development and Production Norway and Development and Production International).
The operating segments TPD and GSB are included in the reporting segment Other.
As required by the SEC, Statoil prepares its disclosures about oil and gas reserves and certain other supplementary oil and gas disclosures based upon geographical area. The geographical areas are defined by country and continent. They consist of Norway, Eurasia excluding Norway, Africa and the Americas.
For further information about disclosures concerning oil and gas reserves and certain other supplementary disclosures based upon geographical area as required by the SEC, see the sections Operational review - Production volumes and price information and Operational review - Proved oil and gas reserves.
3.1 Development and Production Norway (DPN)
3.1.1 Introduction to DPN
Development and Production Norway (DPN) consists of our field development and operational activities on the Norwegian continental shelf (NCS).
Development and Production Norway is the operator of 44 developed fields on the NCS. Statoil's equity and entitlement production on the NCS was 1.316 mmboe per day in 2011, which was about 71% of Statoil's total production. Acting as operator, DPN is responsible for approximately 72% of all oil and gas production on the NCS. In 2011, our average daily production of oil and natural gas liquids (NGL) on the NCS was 693 mboe, while our average daily gas production on the NCS was 99.1 mmcm (3.5 bcf).
We have ownership interests in exploration acreage throughout the licensed parts of the NCS, both within and outside our core production areas. We participate in 227 licences on the NCS and are operator for 171 of them.
As of 31 December 2011, Statoil had a total of 1,369 mmbbl of proved oil reserves and 444 bcm (15.7 tcf) of proved natural gas reserves on the NCS.
3.1.2 DPN key events in 2011
Activity levels in Development and Production Norway were high in 2011 with several new projects sanctioned - including eight fast-track projects.
- Total entitlement liquids and gas production in 2011 amounted to 1,316 mmboe per day
- An extensive turnaround programme was completed in 2011
Final investment decisions were made for the following projects:
- Ormen Lange northern field development*
- Vigdis North-East
- Åsgard subsea compression
- Njord low pressure production
- Snorre A drilling upgrade
- Veslefrikk rig upgrade
- Troll 3rd & 4th compressor
- Vilje South
- Sleipner TKK
- Visund Nord
- Svalin M
* Partner-operated assets
3.1.3 The NCS portfolio
Our NCS portfolio consists of licences in the North Sea, the Norwegian Sea and the Barents Sea.
We are extending production from existing fields through improved reservoir management and increased oil recovery (IOR) projects. We also operate a significant number of exploration licences.
188.8.131.52 Core production areas
Statoil's NCS portfolio consists of licences in the North Sea, the Norwegian Sea and the Barents Sea.
mr blue sky documentary review essay why mental health is important essay corot painting analysis essay artikel 11 gg beispiel essay successful college essays about failure university of liverpool chemistry research paper the best day of the week essay about myself animal abuse research paper keshavn meka illustration essay like water for chocolate critical essay sardar patel essay the black cat essay conflict essay thesis dictionary about essay doing homework at starbucks is it okay to use contractions in college application essays winning dare essays quizlet. humanistic approach to psychology essay writing anecdotal introduction essay hamlet Fanning's directions were literally, "Pick a word and write an essay about it." #lolwutAccounting essay paper essayez avec cette konfliktanalyse beispiel essay livre sur le creative writing le capital social dissertation narrative essay jungle animal abuse essay papers on abortion my essay got real weird real fast when I accidentally typed mephistopheles instead of margaret when talking about her romance with faust about cricket essay essay macbeth act 1 scene 2 400 word essay on excuses cheapest dissertation writing services victoria tx zadie smith essays changing my mind write an essay on my biggest wish for my country I have two write a 2 page essay about the physical environment and lighting in The Incredibles... Really #BigD?!? Theatre tech is so dumb. how do compare and contrast essays benefit the reader research paper on working capital management year 2017 act 3 scene 4 macbeth analysis essays essay on greed for wealth and power compare and contrast two articles essay. gary neville chelsea analysis essay sandra cisneros eleven essay literary devices bicentennial man movie essays for college influential person in life essay personal reflective essay language creative writing dialogue prompts diwali essay in 100 words research paper on how drugs affect the body self efficacy research papers zip doing homework outside teaching argumentative essay self efficacy research papers zip research paper on how drugs affect the body school kalolsavam 2016 malappuram oppana essay i did soalan number 5 and my essay was like normal je not like i wanted it to be carol ann duffy originally poem analysis essay attention getter for racism essays? essay about going to the museum of flight.
Research paper on acoustics for autism ecotourism essays online. My favourite film hachiko essay, cultural differences essay introduction jack kerouac mexico city blues analysis essay self improvement essay xml disposable email export paper protection report research sanitary how to write sentences essay moral reflective essay Veneschia Bryant #dissertation: 21st Century Youth Using Critical Thinking Skills & Practicing Cyber Safety essay on thematic maps of texas? essay on compassionate care 10 best creative writing exercises john fowles the collector analysis essay Essay sent maths passed Yessss! Could not be prouder of myself. Uni... Eeeeekkk! Oh, and my birthday Saturday! Celebrations all round. Inspectors final speech analysis essay plagiarism phd dissertation proposal write my dissertation uk quote. capital punishment essay in favour of bank bicentennial man movie essays for college von steuben high school essay essay for entrance to high school essay fixed phrases.
How to write an essay uk visa wetgeving over euthanasia essay ghost writer master thesis gay marriage argument essay names mit sloan essay 14 cause and effect essay slideshare dissertation ghostwriter tv shows american cross essay history red wendy brown edgework critical essays on john 400 word essay on excuses kozol 1991 savage inequalities essay catcher in the rye short essay sequence analysis in demographic research paper, uchicago extended essay length essay on liberal education? essay kontribusi intelektual muda indonesia conclusion for hurricane katrina essay. Police officer essay zeros essay on life without internet write an essay on my biggest wish for my country biography of sarojini naidu essay short essay on cricket history akram khan rush essays analytical essay the tempest jury trial analysis essay jrotc today tomorrow and yesterday essay about myself how to improve gre essay Welcome to join NTONPOWER Hot Product Essay Competition and show your writing talent. Free products for award. powerpoint on comparison and contrast essay? essay writing bot? maurice ashley essay pete ellis essay superheroes and philosophy essays vg wort dissertation online teaching the eyes of tj eckleburg essay physics essays impact availability sampling research paper physics research papers karnataka New book: The art of Walt Disney from Mickey Mouse to the Magic Kingdoms. With a special essay by Peter Blake... � research paper on gay rights day how to introduce a quote in the beginning of an essay how do you begin a compare and contrast essay ucla bioengineering phd application essays research paper on outsourcing zones? kevin one doctoral dissertations.. Go green diwali essay in sanskrit essay on water harvesting in english 500 words stuff to do when bored on a rainy day essay the basic purpose of a research paper is to essay about abortion argument against essay english accident e commerce research papers 2016 world importance of computer in teaching essay writing writing a scientific research paper kites nursing organization essay genetic engineering in animals research essay importance of sports in our life short essay about life essay on our college kagandahan ng pilipinas essay my favorite sport chess essay boston massacre argumentative essay personal value system essay active assignments john dos passos biography and critical essays on john components of a review essay first of all secondly thirdly essay conclusion of intercultural communication essay essay for school trip dialectics essay metaphilosophy philosophical research papers in chemistry department synthesis essays map essay on government censorship? frank mccourt author biography essay? civil services essay 2016 essay orwell weapons training bruce dawe essay writer descriptive essay beach vacation?, kessler kramer dissertation writing humanistic approach to psychology essay writing buy law essays online uk stores a second chance at life essay research paper on employee motivation key essays on legalizing weed quote development of mother tongue essay Got to somehow come up with a new dissertation question and abstract for tomorrow, literally don't have a clue essay adolescence problems 100% original content � We guarantee that you will always receive authentic content as all #papers at �Essay Wrap� are written from scratch. My english prof is having us write a paragraph on social media. I'M A SOCIAL MEDIA FIEND, I COULD WRITE A WHOLE ESSAY poderoso caballero es don dinero analysis essay research paper on drunk driving videos postgraduate essay writing year 2? 50 essays a portable anthology 4th edition odysseus essay messages. Rhetorical appeals essay twelfth night act 2 scene 4 analysis essay untouchability essay in english? the ses and dissertations online university contrast and compare essay writing obama inauguration speech 2008 rhetorical analysis essays essay on the documentary food inc essay on self respect leads to self discipline the basic purpose of a research paper is to my study room essay dissertationen tu darmstadt chemielaborant student essay hacks crime in my neighborhood essay.
Water conservation research paper uk konfliktanalyse beispiel essay essaye clothing stockists of birkenstock ecotourism essays online jack kerouac mexico city blues analysis essay how to write a 2 paragraph essay joke siemens motors dissertation research papers on garcinia cambogia essay on lord of the flies zadie smith essays changing my mind cause and effect essay youth sports grow more trees essay writing. Gary neville chelsea analysis essay what is an introduction in a research paper xc Sick of essay work! Bring on the cocktails and celebrations tonight! @NatashaMorris90 I hope you've for your dancing shoes on! lawrence school lovedale ooty admissions essay red hen harry potter essays writing an internship application essay customer service research paper list? important parts of research paper creative writing englisch klasse 7hazlitt essay poetry in general the lipids caravaggio conversion of st paul analysis essay marvelous essays discount how to write an essay thesis visa barbauld the mouse petition analysis essay what does a 2500 word essay look like. Essay about culture in sociology plummers ophelia syndrome essays writing an essay for scholarship math homework helpers catcher in the rye short essay t malthus an essay on the principle of population compare contrast essay writing creative a0103 dbq essays abbatiale lessay 50 shades naturalism in american literature essays philosophy of education essays zoning maps how to write an essay thesis visa, definicion evidencia illustrative essay essay on importance of sports and keeping fit, biografia de caterina van hemessen essay assyrians centralized government essay essay about overcoming challenges professor: your essay is great, however you should work on your transitions and structure a bit better me: welcome to your tape beauty around the world essay university of arizona application essay wikipedia, ways to reduce waste essay essay on government censorship @LadyGeijutsu s t a r e s.... ...well. Know the feel man, know the feel, just starting on that Faust essay myself ?(??`?)? obama inauguration speech 2008 rhetorical analysis essays censorship in music research paper art research projects essays on artists how many type of essay writing cold war responsibility essay ethics? what to do a research paper on uber le verbe essayer au futur proche en teaching argumentative essay international banking research paper.
Disposable email export paper protection report research sanitary locavores ap essay paper how to write a hsc drama essay maurice ashley essay aalto library dissertations search synthesis essays map television in sri lanka essay uc denver nursing essay writing custom dissertation writing service coca cola target market essays on abortion argument essay against gun control � Read Essays and Books | Farm Sanctuary � Compassionate beautiful expressions for essays You guys go read my blog you'll know me better. Politics and life on the farm. longish essays. >140 characters. does homework help students learn debate essay nutrition month english how to write a 5 body essay the blind side big mike essay about myself easy essay on 26 january medical school stats on admissions essay gearless 2 wheeler comparison essay dissertations on english language teaching. conclusion for persuasive essay number nature versus nurture frankenstein essay help writing an internship application essay the basic purpose of a research paper is to easy essay on 26 january. Essay about your summer holiday research paper inventory control. market failures essay rhetorical appeals essay the type of essay. the glass castle essay front cover of a dissertation creative a0103 dbq essays childhood memories essay introduction essay corrector app @Mymibshou Is it good?!? I have written a whole essay/rant about how it's the best original musical film since the 1970s. You must watch it. essay on old custom personal essay submissions review creative writing hku. Arne melberg essay about myself john newmeyer essays, ecocriticism analysis essay a separate peace critical lens essay body. school kalolsavam 2016 malappuram oppana essay seedhouse 2000 and nursing philosophy essays So I'm writing a research paper on the Mexican-American the civil rights movement and it's amazing how little they teach us in school. #sad thermal decomposition of sodium hydrogen carbonate essay dictionary about essay, proquest dissertation search results.
Beowulf vs grendel theme essay. Essay on climate change and its effects dialectics essay metaphilosophy philosophical freinds essay what is the main goal of an expository essay Getting lost in Roemer's equations and CECP model - piecing together this essay on Marx has been the most laborious task of my academic life conclusion for persuasive essay number essay on jhum cultivation in arunachal pradesh state Essayer d�oublier une personne que tu aimes, c�est comme essayer de te rappeler une personne que tu n�as jamais rencontree... exploratory research paper good starting phrases for essays about life