Norwegian Ministry of Petroleum and Energy Statoil Future

Norwegian Ministry of Petroleum and Energy Statoil Future Energy Forum Minister of Petroleum and Energy Terje Søviknes Stavanger, 22 May 2017 Norwegian Ministry of Petroleum and Energy

Norway – an energy nation 37% of total energy use is renewable Oil and gas revenue as a share of total export revenue >20 % of EU gas demand met by Norwegian Ministry gas of Petroleum and Energy 98 % of electricity production is renewable Norway is part of an integrated Nordic electricity market. →greater security of supply and more effective resource use.

A global challenge Norwegian Ministry of Petroleum and Energy

Awarding attractive acreage • Announcement of Awards in Predefined Areas (APA) 2017 above, and • Proposed announcement of the 24 th licensing round, right Norwegian Ministry of Petroleum and Energy

Resources New calculations by the Petroleum Directorate: the undiscovered oil and gas resources in the Barents Sea are twice as large as previously assumed. Norwegian Ministry of Petroleum and Energy

Statoil on the Norwegian Continental Shelf Johan Sverdrup illustration: Statoil Johan Castberg illustration: Statoil Norwegian Ministry of Petroleum and Energy At Songa Enabler with Statoil's Tim Dodson. Receiving the PDO for Bauge and Njord Future from Terese Kvinge (left) and Tanja Blekastad of Statoil.

Strong measures to reduce emissions in Norway • High price on CO 2 emissions through carbon tax since 1991 and membership of the EU Emissions Trading System. • Incentive for reducing emissions. • Working with the market, not against it. • Natural gas a flexible partner for renewables and cheap and effective replacement for coal Norwegian Ministry of Petroleum and Energy With German State Secretary Rainer Baake in Berlin, 16 May.

Gas as replacement for coal Norwegian Ministry of Petroleum and Energy Source: Carbon Brief

Research and innovation • • • After 50 years of oil and gas, Norway has developed an industry at the technological forefront Continued technological development is key – this Government has strengthened funding for petroleum research throughout our time in office Above: Seabox (left) and Fishbones (right) – companies who have received support for their technology development from the DEMO 2000 programme Norwegian Ministry of Petroleum and Energy

Renewables – in Norway and globally • Strong growth in renewable energy globally • Great potential for Norwegian industry • Further development of renewables in Norway – driven by signals from the market • Norway connected to the European power market – further development of interconnectors to the benefit of Norway and European partners Norwegian Ministry of Petroleum and Energy

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