Energy Intelligence announced that Norwegian company Statoil is the winner of its 2015 Award for Leadership in New Energy. The award recognizes a company that is at the forefront of the energy transition from traditional fossil fuels to a lower-carbon energy system. Statoil has been a pioneer in the transition in several ways -- political engagement, investments in alternative and lower-carbon energy, and efforts to “green” its conventional oil and gas business -- and is considered a leader among its peer group of large oil and gas companies. The award will be presented to Statoil during the 36th Annual Oil & Money Conference in London in October.
The award's selection process began with the Energy Intelligence editorial team compiling a list of nominees who exemplify excellence in transitioning from traditional fossil fuels to a lower-carbon energy system. The winner was then chosen by a selection committee comprised of independent experts in new energy from the business world complemented by senior energy executives and government officials that act as advisers to Energy Intelligence.
"Statoil stands out among IOCs as a leader on this issue," said David Pike, Energy Intelligence editorial director. "The company's involvement in the climate debate has helped guide the industry toward greater engagement in the run-up to December's Paris climate summit."
Chief Executive Eldar Sætre recently ranked climate as one of the industry's top two challenges alongside high costs, while declaring that the firm wants to be the most carbon efficient oil and gas company.
Statoil sees a strong link between business competitiveness and being a low-carbon producer, with efforts to improve efficiency in its operations and reduce its environmental footprint deemed a sensible move in a competitive industry environment. Statoil is working with 10-14 different companies to develop technologies to combat gas flaring, and it has set up a joint technology program with General Electric to address this and other issues, such as fugitive greenhouse gas emissions and water usage at oil and gas fields.
The firm has made investments in offshore wind projects and says it is also looking at further expansion. Underscoring this ambition, Statoil recently announced the creation of a dedicated "new energy solutions" business unit, reporting directly to the CEO.
Statoil is a strong advocate of both carbon pricing and carbon capture and storage, with the latter building on its hands-on experience at the Sleipner field, Snovit LNG project, and Technology Centre Mongstad. Statoil sees strong demand for hydrocarbons continuing into the future, but highlights the role that cleaner-burning natural gas could play in displacing coal.