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Wednesday, 30 March 2016 19:30

Statoil’s projects in Azerbaijan are among our longest-lasting international investments – Knut Rostad, Spokesperson of Statoil

Statoil’s projects in Azerbaijan are among our longest-lasting international investments – Knut Rostad, Spokesperson of Statoil

“We expect that oil and gas will continue to play an important role in the future energy mix”, Knut Rostad, Spokesperson of Statoil, stated in his interview with Caspian Energy News (

“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. However, oil and gas will remain critically important energy resources. Even in a 2 degree world we need oil and gas roughly at today’s levels in 2040”, he noted.

“We are emphasizing that global energy trends represent both challenges, risks and opportunities. Energy demand is growing and emissions must be reduced. This will lead to large shifts in energy use and production”, Knut Rostad emphasized. 

“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. Combined this dynamic will create a turning point for the industry. The companies and countries that show they can successfully tackle these challenges will be the new winners. Statoil’s response is to capture the opportunities and actively shape the future of energy”, he says.

Knut Rostad also stated that Statoil has set three clear priorities for the company going forward.

“First, we need to be competitive at all times and create a company that can operate profitably even in today’s commodity environment. Second, Statoil will set an example for how the oil and gas industry must transform. Our industry was unsustainable at 100 dollar oil. That’s why we need to embrace simplification and standardization, but also collaborate and share solutions to solve joint problems. And thirdly, Statoil is going to be an energy provider for a low-carbon future. Oil and gas will remain a critically important part of this future. We want to be the world’s most carbon-efficient producer of oil and gas and we will increasingly use our competence in new areas”.

Spokesperson of the Norwegian company Statoil also touched the projects that are implemented in Azerbaijan after the exit from Shah Deniz project”.

He reminded that Statoil entered Azerbaijan in 1992 and our projects in this country are among our longest-lasting international investments.

Statoil is working both industrially and socially to build a robust basis for our investments in Azerbaijan together with our partners and industry peers.

“In Azerbaijan’s sector of the Caspian, we participate in oil production from the Azeri-Chirag-Gunashli (ACG) field with 8.56% share.

We also have 8.71% share in one of the most important pipelines exporting oil from Azerbaijan - the Baku-Tbilisi-Ceyhan (BTC) oil pipeline. The pipeline runs from the Azerbaijan capital of Baku to the south Turkish port of Ceyhan on the Mediterranean”, he underscored and noted that Statoil also has a 20% share in the Trans Adriatic Pipeline (TAP).


Comment arranged by Ceyhun Bayramov, Emil Mammadov


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