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2015-11-24 19:45:00

UPSTREAM INVESTMENTS DOWN 20%

UPSTREAM INVESTMENTS DOWN 20%

Statoil CEO Eldar Sætre has said today that global upstream investments are estimated to fall by 20% in 2015. In a speech at the company's annual Autumn Conference, the CEO also recognised the role of renewable energy, but said that oil and gas still maintained an important role in the energy mix as energy demand increases.

"We know that energy demand is growing. We also know that renewable energy will have to meet most–if not all–of this increased demand. Oil and gas will remain critically important energy resources," Mr. Sætre said on Monday. "Even in a 2 degree world we need oil and gas roughly at today's levels in 2040."

Mentioning the energy union and the new UK energy strategy unveiled last week, he said that there is still positive news for the oil and gas industry.

"I was encouraged by the signals on the important role of gas," Sætre commented.

In a news release on its website, Statoil said it is trying to become the world's most carbon-efficient producer of oil and gas.

"Energy demand is growing and emissions must be reduced. This will lead to large shifts in energy use and production. At the same time lower oil and gas prices are causing a rebalancing of supply and demand, putting an increasing premium on being a low-cost producer."

Earlier this month, the company said it is increasing its environmental commitment on the Norwegian continental shelf (NCS) for 2020 by 50%.

naturalgaseurope.com

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Tags: UPSTREAM, INVESTMENT, STATOIL

Chronicle:

UPSTREAM INVESTMENTS DOWN 20%
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ADNOC'S 2030 STRATEGY

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UPSTREAM INVESTMENTS DOWN 20%
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OIL PRICES: NOT ABOVE $70 YET

REUTERS - Brent crude futures LCOc1 were at $69.23 a barrel at 0808 GMT, up 8 cents from their last close, but down from a high of $69.37 earlier in the day. Brent on Monday rose to $70.37 a barrel, its highest since December 2014, the start of a three-year oil price slump. U.S. West Texas Intermediate (WTI) crude futures CLc1 were at $63.84 a barrel, down from a high of $63.89 earlier, but up 11 cents from their last settlement. WTI hit $64.89 on Tuesday, also the highest since December 2014.

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