Offshore Wind In Centre of Statoil’s Competitive Portfolio

Statoil plans to set up a competitive portfolio including new energy solutions with a focus on offshore wind, low carbon solutions, ventures and R&D. 

“Statoil has set clear principles for development of a distinct and competitive portfolio,” the company said today, adding that it “is creating a material industrial position within new energy, with the potential to constitute around 15-20% of investments by 2030.”

The oil and gas company with projects in the offshore wind sector today presented its strategy to capitalise on high value opportunities to the capital market, focusing on three priorities, which also include investing in its next generation portfolio with radically improved break-evens and pursuing a low carbon strategy.

Statoil currently holds a 40% share in the Sheringham Shoal wind farm in the UK, which has been in production since 2012. The company is also one of the owners of the Dudgeon offshore wind farm in the UK, which will come in production during 2017, and is developing the world’s first floating offshore wind farm – the Hywind Scotland Pilot Park in Scotland.

In 2016, Statoil acquired 50% of the Arkona offshore wind farm in Germany, which is scheduled to enter operation in 2019.

Statoil was also declared the provisional winner of the U.S. government’s wind lease sale offshore New York at the end of 2016.