Embracing the energy transition The Annual Sustainability Report offers an overview of how Statoil follows up its ambitious sustainability agenda and performance. Sustainability is embedded in Statoil's strategy, and the company is taking actions to develop the business to support the UN sustainability goals and the Paris agreement.In 2017, Statoil launched a new climate roadmap outlining aims to reduce the carbon intensity of its upstream oil and gas portfolio to 8 kg CO2/boe by 2030, achieve annual CO2 emission reductions of 3 million tonnes by 2030 and build an industrial position in profitable new energy of up to 15-20% of capex by 2030. The company will also invest around 25% of research funds into new energy solutions and energy efficiency by 2020. "In Statoil we believe the winners in the energy transition will be the producers which can deliver at low cost and with low carbon emissions. We also believe there are attractive business opportunities in the transition to a low-carbon economy," writes Sætre. Statoil reduced its CO2 intensity from our production of oil and gas by 10% year-on-year, from 10kg CO2 per boe to 9kg CO2 per boe. In 2017 we achieved CO2 reductions of 356 000 tonnes. "CO2-emissions from our oil and gas production were reduced with an additional 10% per barrel last year. In the fall 2017 we started production from Dudgeon, and the floating windfarm Hywind. Today, we operate three offshore wind projects in the UK, delivering competitive returns. Statoil will continue its journey from a focused oil and gas to a broad energy company," he continues. The report also shows the robustness of Statoil's portfolio, illustrated by a resilience test using different scenarios from the International Energy Agency. The changes in Statoil's value in the scenarios is mainly driven by different oil and gas price assumptions.
Statoil has continued to improve the value and robustness of its portfolio compared to 2016 - reducing the breakeven oil price to USD 21 per barrel for its next generation projects.In 2017 Statoil's total payment to governments was USD 9.6 billion. Statoil's total purchases of goods and services was around USD 18 billion. A PDF copy of both the Sustainability Report and the annual report, may be downloaded from Statoil's website, www.statoil.com, where shareholders may also request a hard copy of the annual report free of charge. *** Contacts Investor relations Peter Hutton, senior vice president +44 7881 918 792 (mobile) Press Bård Glad Pedersen, vice president Media relations +47 918 01 791 (mobile) *** Cautionary Note regarding Forward Looking Statements This press release contains forward-looking statements, particularly regarding Statoil's aims to reduce carbon intensity and achieve emission reduction and plans for capital and research expenditure in new energy. Forward-looking statements reflect current views with respect to future events and are, by their nature, subject to significant risks and uncertainties because they relate to events and depend on circumstances that will occur in the future. There are a number of factors that could cause actual results and developments to differ materially from those expressed or implied by the forward-looking statements. *** This information is subject to the disclosure requirements pursuant to section 5 -12 of the Norwegian Securities Trading Act. The PDFs accompanying this announcement are available at: http://resource.globenewswire.com/Resource/Download/bd2a4204-8299-4eb5-8c34-e6ee648c7231 http://resource.globenewswire.com/Resource/Download/2c8e4061-8e35-432f-afe5-dfe85b67e149