The appointment has come into immediate effect. Since October 2014, Sætre, who has 35 years of experience from Statoil and the oil and gas industry, has been acting as president and CEO.
Svein Rennemo board chair Statoil said: "The industry and company are facing demanding challenges. Eldar stands out with his long experience and ability to create change. I am extra pleased that we were able to recruit the next CEO from within Statoil."
Sætre started as chief financial officer, and later became executive vice president for the Marketing, Processing and Renewable Energy (MPR) business area.
Statoil’s new president and CEO Eldar Sætre said: "Statoil is changing, but one thing remains firm: My first and foremost responsibility is for safe and secure operations.
"Three areas stand out to me as of particular importance: On the Norwegian continental shelf we will strengthen and extend our position.
"We will also strengthen our efforts in the transition to a low carbon society."
