January 8, 2018 Read More →

On the Blogs: Statoil CEO Embraces Renewables, Low-Carbon Energy Future

Energy Voice:

Statoil has made a slight but incredibly significant change to its brand. It starts the year as a “energy company” leaving its “oil company” persona behind.

Energy Voice exclusively sat down with chief executive Eldar Sætre to discuss the shift in strategy. “The future is going to be low carbon. It has to be,” he said.

“Our industry must be involved in this. The sector is an important part of the problem and the solution, when it comes to a low carbon future, so we have to take responsibility. But we also have to translate this into what are the implications and opportunities from a business perspective. This is something that is happening and the industry must be part of this. I’ve made a choice – we don’t see this as a problem.

“Our renewables business has been even more integrated into our existing business, so we define ourselves firmly as an energy company,” Sætre said. “We do oil and gas, but we are an energy company. Renewables is not something we do on the side.

“We have indicated we might spend between 15% to 20% of our capital expenditure by 2030 for renewables and we also indicated the type of returns we expect, because that’s important for our shareholders. They need to see returns. We’re talking about a 9% to 11% rate of return on these types of investments.”

More: Exclusive: Statoil CEO Eldar Sætre on the industry’s “energy transition

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