Statoil Asks for Global Approach to Stimulate Technology Innovation

Norway-based Statoil calls international authorities to step up efforts to come up with a global approach to energy issues, asking a stronger financial and technical cooperation.  

“We need a global approach that stimulates technology innovation,” Statoil CEO Eldar Sætre said at the Statoil Autumn Conference.

The freshly released 2014 World Energy Outlook stated that USD 18.5 trillion investments in oil and gas will be necessary in the coming 20 years in order to meet climate targets.  

“The challenge is formidable. Even in the IEA’s two-degree scenario, the industry must replace four times Saudi Arabia’s production of oil and 10 times Norway’s production of gas just to fight natural decline,” Sætre commented. 

According to Sætre, European authorities have now to work on the recently announced targets, drafting new policies that can turn “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,” Statoil’s CEO argued.