Statoil has created substantial value and contributed to the development of society for almost 50 years. Today we supply energy to more than 170 million people.

Statoil’s strategy describes our development from a focused oil and gas company to a broad energy major. We are well underway, and the pace of change is faster than perhaps ever before. This is necessary, not temporary, and the pace of change will accelerate going forward. Some people will always argue that the rate of change is too slow, but compare this to maneuvering a supertanker: sudden movements may be too hasty and risky, but constant adjustments to your course enable you to end up in a different place than if you had continued going straight ahead.

A DRIVER FOR CHANGE

The global energy markets are facing major changes. Statoil believes this to be an opportunity. We aim to help drive the important changes the world needs: more climate-efficient oil and gas production and strong growth in profitable renewable energy.

To achieve the goals of the Paris Agreement, demand must be reduced, and substantial fossil fuel resources will have to be left in the ground. First and foremost coal, but also oil and gas. It matters which resources are produced, how they are produced, and what is left in the ground. We rely on new low-emission production to avoid alternative production with high emissions. That’s why it is important that we continue to make profitable discoveries that can be produced with low emissions. As we do in Norway.

Statoil is not exploring for heavy oil, nor will we consider entering oil sands resources. We aim to find and produce new resources with ever-lower carbon emissions. We are a global leader in this area. If we fail to meet oil demand with low-carbon production, it will be harder to achieve the Paris goals.
Hammerfest city by night. Statoil has created substantial value and contributed to the development of society for almost 50 years. 

WHAT IS OIL USED FOR?

A growing number of people are switching to electric cars, especially in Norway, but also in other countries. This is positive but makes it even more important to avoid coal in electricity production. Electrification of private cars can happen fast, while it may take longer to find alternatives for the growing road transport, shipping, and air travel sectors. Oil demand from petrochemical and other industries will also increase, and we will all remain dependent on services and products made from oil and gas. Various types of fuels account for just over half of oil consumption, while the rest is used for products and services we all use, and where demand is on the increase: heating, plastic products, medicines, detergents, asphalt, clothes, fertilizers, to name but a few.

OPPORTUNITIES AND CHALLENGES

Climate change is not a question of what you believe in. It is science. Man-made climate change is happening and will have dramatic consequences if we fail to stop it. This conclusion forms the basis for our decisions and investments. Statoil has the knowledge, the brains and the capital to help develop the solutions of tomorrow.

We have witnessed a growing debate about stress-testing the Norwegian economy against low-carbon scenarios. Statoil is already doing this, and we welcome the fact that Norway has now decided to do the same. Our tests have shown that Statoil is robust. Energy efficiency, oil and gas deliveries with low emissions, investments in carbon capture and storage, technology development and renewable energy are important parts of the answer both for Statoil and Norway. And this will also be Norway’s main contribution to addressing the global climate challenge. A profitable oil and gas industry will also drive technology and competence development of importance far beyond our industry, and the continuous transformation Norway needs.

To be successful also in the next 50 years, we must be part of the response to the great challenges facing the world. We will, therefore, continue turning natural resources into energy for people and sustainable progress for the society we are part of.