Natural gas is the cleanest burning fossil fuel, and in a world facing major climate challenges Statoil believes that natural gas will play a key role, and serve as an important and cost-efficient means to reducing CO2-emissions.
Natural gas represents an abundant energy source, which is reliable and flexible, and which does not require subsidies.
Replacing coal with natural gas in the energy segment generation is an immediate and affordable way of reducing Europe’s CO2 emissions. By replacing an ageing coal-fired power plant with a modern natural gas-fired power plant, emissions can be reduced by 70 per cent.
The group is a pioneer in the field of carbon capture and storage. As early as 1996, Statoil started injecting and storing one million tonnes of CO2 annually from the Sleipner gas field on the Norwegian continental shelf.
The company also injects CO2 in the ground on the Snøhvit field in the Barents Sea and on the In Salah field in Algeria, as well as participating in a project to develop a full scale carbon capture and storage facility at Mongstad in Norway.