“The new major discoveries in mature areas of the North Sea and in the less explored areas in the Barents Sea show that the Norwegian Shelf is still attractive and rich in resources,” says Development and Production Norway (DPN) executive vice president Øystein Michelsen.
Europe is strongly dependent on Norwegian gas supplies. Close to 20% of the EU’s gas needs are covered by Norwegian gas, with the giant Troll field leading the way.
The EU seeks to reduce its greenhouse gas emissions by 80 percent by 2050. Statoil believes that by replacing coal power with natural gas, in combination with the development of renewable energies, many of the EU’s goals will be achieved quickly.
According to prognoses from the International Energy Agency (IEA), oil and gas will remain a significant part of the future global energy supply.
In Statoil’s opinion, its own experience and research in carbon capture and storage will therefore be essential to continued greenhouse gas emission reductions from oil and gas production.