Statoil's chief executive Eldar Saetre has warned that the Norwegian state-controlled company could move more investments out of Norway to countries like Brazil if it is not granted access to the promising Lofoten area off Norway.
Since 2013, before the oil price started to drop, Statoil's leaders have stressed that its focus has switched to creating value over volume.
In line with many of its compatriots, the company has been forced to drive down the break-even cost per produced barrel.
