• Statoil becomes an energy company rather than an oil and gas company

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      Patrick Lavery

      Combustion Industry News Editor

Statoil CEO Eldar Sætre has used an interview with Energy Voice to describe the transition that the company is taking from being an oil and gas company to being an energy company. By 2030, the company sees itself investing 15-20% of its capital budget in renewables, and for those investments it expects to achieve a return on investment of 9-11%. Apart from oil and gas, it also aims to continue and expand its role in the development of carbon capture and storage, with Mr Sætre saying that the future “has to be” low carbon. Statoil is one of the ten members of the Oil and Gas Climate Initiative, which has established a US$1 billion (€818 million) investment fund, half of which will be devoted to CCS. In addition, the company is advocating for a price on carbon and more alignment between the 40 or so different carbon pricing systems that are in place globally at the moment. Oil and gas in the North Sea will continue to play a large role for the foreseeable future, and Statoil continues to invest in exploration and production, hoping to ride out the cyclical nature of the industry.