Gulf Oil and Gas accountACCOUNT

$18.5 Trillion Will Be Needed in O&G Investment to Meet Future Demand

Source: www.gulfoilandgas.com 11/17/2014, Location: Europe

"The scale of the climate challenge requires us not only to ask how we can do more, but how we can achieve the most. Climate change doesn’t stop at borders – and neither should our solutions,” says Statoil CEO Eldar Saetre at the Statoil Autumn Conference.

EU climate targets

The European Union recently announced their target of cutting carbon emissions by 40% by 2030, which is also line with Statoil’s recommendations.

“While the agreement is an important step in the right direction, now the job is to make sure that promises turn into policies, and ambitions into actions. If the EU’s ambitions are backed by efficient measures, it will underpin the role of gas in the European markets, replacing coal and reducing emissions,” S?tre says.

Statoil is a strong advocate for a global approach towards a much higher carbon price—and has seen the results in action.

Based on Norway having one of the world’s highest prices on carbon emissions, Statoil has the world’s most carbon-efficient oil and gas production.

Statoil’s commitment and contribution to tackling climate change goes beyond advocacy for a high carbon price and the promotion of gas.

“We are working to make our production more energy efficient. We are contributing as an industry and as a company to cuts in emissions as part of the Norwegian “Klimaforliket”. And we’re working to achieve more,” says S?tre.

Statoil remains focused on developing carbon capture and storage, and carbon capture and use, as part of the longer-term solution.

Statoil and the entire oil industry have since the early 1990s had a commitment on the Norwegian continental shelf not to flare from routine operations.

“Globally we are now also working collaboratively against flaring through the Global Gas Flaring Reduction Partnership,” says S?tre. This is a World Bank initiative aiming to eliminate global flaring by 2030.

And at the UN Climate Summit in New York in September, Statoil and partners launched the Climate and Clean Air Coalition Oil and Gas partnership.

This partnership aims to find effective solutions to detect and reduce methane emissions— which account for a significant, but underexposed share of greenhouse gas emissions.

Energy needs in Africa

One of the main focus areas of this year’s Autumn Conference and World Energy Outlook report is economic development, sustainability and energy needs in Africa—focusing particularly on the sub-Saharan regions.

While almost 30% of global oil and gas discoveries have taken place in sub-Saharan Africa over the last five years, more than two-thirds of the population still lacks access to electricity.

“Statoil has over the past few years made significant gas discoveries offshore Tanzania and we are excited about the opportunities we see for a natural gas and LNG development. We already experience that expectations to Statoil’s contributions are significant. Given that only around 15% of the population have access to the electrical grid, that is not difficult to understand,” says S?tre.

The IEA report highlights three actions that—if accompanied by more general governance reforms— can boost the sub-Saharan economy by a further 30% in 2040: an upgraded power sector, deeper regional cooperation, and better management of energy resources and revenues through efficiency and transparency in financing.

“Our strong presence comes with a big responsibility. This is about developing a sound, sustainable and profitable business that gives the government revenues necessary for economic growth and development. It is about contributing to local capacity building, and about contributing to openness and transparency,” says S?tre.

For more information about related Opportunities and Key Players visit Caspian Region Projects

Investment News in Norway >>

Related Categories: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Industrial Development  Insurance  Investment  Mergers and Acquisitions  Risk Management 

Related Articles: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Insurance  Investment  Mergers and Acquisitions  Risk Management 


Norway Oil & Gas 1 >>  2 | 3 | 4 | 5 | 6 | 7 | 8 | 9 | 10 | 11 | 12 | 13 | 14 | 15 | 16 | 17 | 18 | 19 | 20 | 21 | 22 | 23 | 24 | 25 | 26 | 27 |

More News

Related Links

Gulf Oil and Gas
Copyright © Universal Solutions All rights reserved. - Terms of Service - Privacy Policy.