- While the world will need oil and gas for decades to come, STO (STO +1.6%) CEO Eldar Saetre believes many oil deposits will never be tapped as increasingly discerning consumers will demand only the lowest-polluting crude.
- While ~70% of the world’s discovered oil resources consists of heavy oil and bitumen, Saetre tells Reuters “at Statoil (OL:STL) we are not pursuing certain types of resources, we are not exploring for heavy oil or investing in oil sands.”
- The comments from a top oil exec may raise alarm bells for oil-rich countries such as Canada, where STO already sold its entire Canadian oil sands business late last year to Athabasca Oil; Shell (LON:RDSa), ConocoPhillips (NYSE:COP) and Marathon Oil (NYSE:MRO) also have scaled back their operations in the country.
- Saetre has set the most ambitious targets among the world’s top oil companies to invest 15%-20% of STO's capex on clean energy by 2030.
- Now read: Weekly Oil Markets Recap - Brent Closes The Week Above
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Statoil CEO pledges not to invest in heavy oil in quest for cleaner crude
Published 11/21/2017, 12:34 PM
Statoil CEO pledges not to invest in heavy oil in quest for cleaner crude
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