(OSE: STL, NYSE:STO) "The demanding challenges facing Statoil during this period have been resolved," Mr Lund comments.
"The group is now a well-functioning listed company, and very well equipped to meet the challenges of a demanding market.
"On that basis, I find it appropriate that a new person takes over as chairman in order to carry the group forward in cooperation with the administration and the other directors."
Statoil's articles of association assign the responsibility for electing a new chairman to the corporate assembly.