Statoil has unveiled a raft of new emission reduction, energy efficiency and carbon intensity targets.
The oil and gas giant aims to slash Carbon Dioxide emissions per barrel by 20% and reduce annual operational emissions by five million tonnes by 2030, compared to 2017 levels.
It is already on track to deliver 1.2 million tonnes in emissions savings from the Norwegian Continental Shelf by 2018.
This would be two years ahead of schedule and 50% above the targets established by Norway’s petroleum industry in 2008.
The company’s savings so far, combined with the new 2030 target, amount to around five million tonnes of emission reductions, equivalent to greenhouse gases released from approximately 2.5 million cars.
It plans to increasingly substitute coal for natural gas and develop a strong position in renewables and other low carbon solutions – the green sector could constitute up to 20% of its investments by 2030, four times today’s share.
By 2020, it plans to direct 25% of its research funds to support this ambition, including offshore wind, carbon capture and storage and hydrogen.
Eldar Sætre, Statoil’s President and CEO, said: “The world needs affordable and reliable oil and gas for decades to come. At the same time, it needs to significantly reduce greenhouse gas emissions.
“We believe that being able to produce oil and gas with lower emissions while also growing in profitable renewables will give competitive advantages and provide attractive business opportunities in the transition to a low carbon economy.”
Statoil has announced plans to shut down its ‘unprofitable’ combined heat and power (CHP) plant at Mongstad, Norway at the end of next year.