Capturing renewable business opportunities

As the world’s population grows and becomes more prosperous, we need to provide more energy to heat and light homes, fuel transport and power the economy while reducing emissions of greenhouse gases. This is creating exciting new business opportunities for us.

Statoil is actively seizing these opportunities by building on decades of experience in oil and gas.

We are already innovators in offshore wind and a world leader in carbon capture and storage. Our ambition is to grow profitably and potentially expand into other sources of renewable energy.

We believe that energy must not only be secure and sustainable, but also competitive. We are working tirelessly to develop reliable new energy solutions that are both green and cost-efficient.

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The demand for new renewable energy is expected to grow rapidly towards 2040

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Statoil’s offshore wind projects provide renewable energy to thousands of families in the UK

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We have achieved large cost improvements in comparable offshore wind projects from 2012—2017

See where the wind takes us!

Hywind Pilot Park project
Hywind - Scotland. The worlds first floating wind farm

This year we made a giant leap forward as we started producing electricity from the world’s first floating wind farm. Hywind Scotland is demonstrating the feasibility of future commercial floating wind farms that could be four times larger than this 30 MW pilot park. 

Driving innovation in offshore wind

Offshore wind was a natural move for Statoil. Today, we’re taking our decades of offshore experience and combining known technologies in new ways to make wind energy possible in deep waters worldwide. We’re not just investors in offshore wind—we’re innovators.

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Onshore and offshore wind farms can supply 18% of the world’s electricity by 2050

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0 wind cost competitive in 2025

Offshore wind is on track to be cost competitive with other new forms of power generation

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World’s 0 floating wind park

Statoil is currently building the world’s first floating wind farm offshore Scotland 

Our offshore wind portfolio

We’re engaged in four large-scale wind projects off the coast of the UK and Germany, and we’re operator for the new Dudgeon wind farm in the UK. We’re also pioneering innovation in offshore wind solutions for deeper waters. While fixed turbines are ideal for developing offshore wind in shallow waters, floating structures enable wind power to expand into new deep-water areas around the world. With Hywind, we’re at the forefront of this exciting new market.

SHERINGHAM SHOAL (UK)

Production since 2011

Statoil’s first large-scale commercial offshore wind investment. Enough clean energy to power around 220,000 British homes.

Dudgeon (uk)

Production started in 2017

A new large-scale offshore wind farm off the Norfolk coast. Enough clean energy to power around 410,000 British homes.

Hywind Scotland

Production started in 2017

The world’s first floating offshore wind park. A pilot park with enough clean energy to power around 20,000 homes in Scotland.

ARKONA (Germany)

Production start 2019

A new large-scale offshore wind park. Enough clean energy to power almost 400,000 German homes.

Dogger Bank (uk)

Consented

The largest zone for UK offshore wind farms. Development consent for an agreed target to potentially power almost 5 million British homes.

Hywind demo (Norway)

Production since 2009

The world’s first full-scale floating wind turbine. Verifying a unique floating offshore wind concept for six years in the North Sea.

A world leader in carbon capture and storage

Statoil is a world leader in carbon capture and storage (CCS). CCS is about removing carbon from gases and storing it safely to prevent it from contributing to climate change.

We see CCS as the leading technology for decarbonising fossil fuels and an important long-term measure for reducing CO2 emissions globally. CCS also has significant economic advantages that include extending current operations, carbon reuse in fuel, chemical technologies and export opportunities. Having worked on this pioneering technology since the 1990s, we have played an important role in getting CCS to where it is today. We continue to work towards the goal of commercial CCS and evaluate opportunities to reduce our own CO2 emissions and explore profitable Enhanced Oil Recovery (EOR) possibilities.

We have been
developing CCS since
the 1990s

Statoil has integrated
CCS technology
into two of our
operational fields

Over 23 million
tonnes
of carbon dioxide
have been permanently
stored by Statoil

Our CCS projects

Statoil has decades of experience from CCS projects of various sizes, successfully maturing the technology from the R&D stage to operations. This puts us in a leading position to contribute towards the goal of making CCS reach commercial scale. By sharing our research and expertise with research institutions, academia, other companies and authorities we also contribute to the further development of CCS worldwide.   

OFFSHORE CO2 STORAGE IN NORWAY

Ongoing

Statoil is currently carrying out a feasibility study regarding CO2 storage on the Norwegian Continental Shelf (NCS) on behalf of the Norwegian Ministry of Petroleum and Energy

Sleipner West 

Operational since 1996 

Statoil captures about 1 million tonnes of CO2 each year from the natural gas on the Statoil-operated Sleipner field in the Norwegian sector of the North Sea. The CO2 is stored in a saline formation 1 km below the seabed.

Snøhvit LNG 

First CO2 injected in 2008 

The Statoil-operated Snøhvit field in the Norwegian sector of the Barents Sea supplies gas to the world’s first LNG plant with CO2 capture and storage.  

In Salah 

Start-up in 2004

Statoil’s involvement in the Algerian gas field In Salah is so far the only project outside Norway where Statoil has helped capture and store CO2. More than three million tonnes of CO2 have been stored below ground. The injection of CO2 was stopped in 2011 due to capacity limitation in the geological structure.

Technology Centre Mongstad 

Operational since 2012 

A world-leading technology centre for CO2 capture technology. Statoil was the operator during the construction phase and is now a partner and responsible for operations. 

What about other renewable technologies?

We expect strong demand growth for renewables over the next decades. In Statoil, we have established a new business area for New Energy Solutions to drive further profitable growth within these areas, reflecting our aspirations to gradually complement our oil and gas portfolio with profitable renewable energy and other low-carbon energy solutions. As a starting point, our existing offshore wind portfolio and our CCS projects constitute the main activities in this area. 

Investment themes

Going forward, our ambition is to grow and possibly expand into other areas of renewable energy, focusing on delivering attractive returns through technology and business innovation. We believe that our decades of experience from the oil and gas industry make us well-placed to transfer our expertise to these growing markets. We are also working to identify and develop new business models to drive demand for our core products, consistent with the transition to a low-carbon society. 

While our current emphasis is on wind and CCS, we are continuously reviewing potential new business opportunities. In New Energy Solutions, we focus on opportunities which match competitive technologies with attractive markets and profitable business models. In addition, we prioritize opportunities where Statoil’s core competences can create competitive advantages and increase value creation.

We offer a wide toolbox to develop the best investment opportunities, ranging from traditional business development to venture capital investments, research and development, and even an innovation lab. A more detailed plan for this business is being developed as an integrated part of Statoil’s strategy.

Statoil Energy Ventures

Statoil Energy Ventures is our new venture capital fund dedicated to investing in attractive and ambitious growth companies in renewable energy, supporting our strategy of growth in new energy solutions. The fund will invest up to USD 200 million (around NOK 1.7 billion) over a period of four to seven years.

Realising tomorrow’s energy needs, today

In Statoil, we recognise the strong role renewable energy sources will play in the future by meeting the world's seemingly insatiable demand for energy while reducing carbon emissions.

Our annual Energy Perspectives report outlines three potential scenarios for energy production: Renewal, Reform and Rivalry. The Renewal scenario is the most optimistic about the potential contributions of renewable energy, describing a mix of policy, regulatory, behavioural and ultimately technological developments consistent with a 40% decline in energy-related CO2 emissions between 2012 and 2040. 

In this scenario, we expect renewable energy to account for 57% of the power sector in 2040, compared to 21% today, while the share of fossil fuels in power generation is reduced from 67% to 30%. 

The scenario assumes that key challenges such as cost and the intermittency of solar and wind have been overcome through innovations such as cost-efficient energy storage solutions, smart-grids and the use of fast natural gas turbines as swing producers. 

Even in the Renewal scenario there will still be a need for fossil fuels in power production and industry in 2040, despite renewables’ significantly larger share of the global energy mix. It also assumes that CCS becomes a viable option for large-scale emissions reductions by the end of the 2020s thanks to various government incentives in place by 2020. 

Although the Renewal scenario builds on certain key assumptions about our energy future that are ultimately uncertain, what is clear is that the Renewal world is possible to achieve, if renewable generation works in tandem with low-carbon generation that includes operational CCS and there is a significant rebalancing of the global energy system towards renewables. 

We have also outlined two other possible scenarios, which we have termed Reform and Rivalry. You can find out more about all three scenarios in our Energy Perspectives report, available for download.