Norwegian oil giant Statoil sees renewables as a “fully integrated part of its strategy”, with “new energy” set to account for 15% to 20% of capital expenditure by 2030.

Chief executive Eldar Saetre said renewables offer an “attractive risk-reward proposition for an industrial player like Statoil”, citing “real returns”  of 9% to 11% so far from its projects. “With costs coming down quickly, renewables are set to be cost-competitive, especially in power generation.”

 

The Statoil boss cited the 402MW Dudgeon offshore wind project it is building off the UK as an example of “a challenge that plays to our strengths in project management, logistics and marine operations”.

The