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. Last Updated: 07/27/2016

New Statoil Head

OSLO, Norway -- Norway's state oil firm Statoil on Thursday appointed Olav Fjell, 48, the head of state-run Postbanken, to take over for outgoing chief executive Harald Norvik.

Norvik offered to resign in April after Norway's government ousted the board for vast cost overruns on developing the Aasgard oil and gas field off northern Norway. Fjell will start Sept. 24.