How & why
Fundamental changes are happening in our industry—and faster than ever before. Geopolitical shifts, industry fundamentals, market dynamics and the need for a low carbon future are posing new challenges. Here we explain the reasoning behind our strategic direction.
In Statoil, we see these changes as opportunities to shape and improve the energy industry of tomorrow. We aim to set an example for how the oil and gas industry must develop, show leadership and point the way to bolder and better solutions.
We are an energy company committed to long term value creation in a low carbon future.
We will maximise and develop the value of our unique NCS position and our international oil and gas business, focusing on safety, cost and carbon efficiency.
We expect 15-20% of our investments to be directed towards new energy solutions by 2030.
We are a values based company where empowered people collaborate to shape the future of energy.
We will actively shape our portfolio to deliver high value with a low carbon footprint. These principles guide us as we form a Statoil portfolio that remains fit for the future towards 2030 and beyond
We believe a low carbon footprint will make us more competitive in the future. We also believe there are attractive business opportunities in the transition to a low carbon economy.
Statoil wants to be a part of this transformation in order to fulfil our purpose of turning natural resources into energy for people and progress for society.
Our strategy focuses on high value and low carbon. Embedded in the strategy is a set of principles to guide our decision-making. One of these principles is that we should leverage our low carbon advantage.
Our Climate Roadmap explains how we plan to achieve this and how we will develop our business, in support of the ambitions of the Paris Climate Agreement.
By 2020 we expect up to 25% of research funds to be devoted to new energy solutions & energy efficiency
Aiming to achieve annual CO2 emission reductions of 3 million tonnes by 2030 compared to 2017.
By 2030 new energy has the potential to constitute around 15-20% of investments/annual capex
Minimizing greenhouse gas emissions
Natural gas is an effective source of energy that can help limit CO2 emissions that cause global warming. Burning natural gas for power generation produces only around half the CO2 emissions compared to coal. Natural gas is mainly composed of methane, a potent greenhouse gas. Any leakages in the gas value chain will reduce the relative climate benefits of natural gas.
Statoil has carried out a study examining methane leaks of Norwegian natural gas delivered to customers in the UK and Germany.The findings show that the associated methane emissions are below 0.3% compared to 0.6% which is the average for all gas consumed in Europe. This proves that the methane emissions are well below the threshold where coal is more effective than gas, and that there is a clear climate benefit of burning gas for power production.
Curious to find out more? See the video of Bjørn Otto Sverdrup - Senior Vice President of Sustainability in Statoil - discussing our climate roadmap towards 2030
Statoil’s strong technology base and willingness to embrace new technologies is a part of our DNA. Our sharpened strategy highlights innovation and technology as a key enablers to deliver. The rapid pace of technology development will reshape the energy landscape.
We need to come up with technology and solutions to lower our carbon emissions. Digitalisation will dominate technology development in the foreseeable future through integration of data, hardware, disciplines, value chains, industries and people. Innovation and technology will be essential to strengthen our competitiveness within O&G and renewables.
Our technology strategy
Statoil’s new technology strategy sets the long-term direction for technology development to support our sharpened strategy and deliver on the climate roadmap. It has five strategic technology directions covering oil and gas, reductions of carbon emissions, and renewable energy.
Two of the five directions address the need for new technology to reduce carbon emission and help build a material position in renewable energy. Innovation, cross-discipline solutions and digitalisation have a strong focus throughout the strategy.
The five directions in the technology strategy are: