Statoil is aiming to reduce its annual CO2 emissions by 3million tonnes by 2030.
The ambitious target is a 20% reduction on current emission levels.
The Norwegian operator has now produced a ‘roadmap’ of how it plans to reach this target by improving efficiency and moving towards renewables and low carbon energy solutions.
Eldar Sætre, Statoil’s president and chief executive, said “The world needs affordable and reliable oil and gas for decades to come. At the same time, it needs to significantly reduce greenhouse gas emissions.
“Statoil is committed to developing its business in support of the ambitions of the Paris agreement.
“We believe that being able to produce oil and gas with lower emissions while also growing in profitable renewables will give competitive advantages and provide attractive business opportunities in the transition to a low carbon economy.”
Statoil say it already on track to deliver 1.2 million tonnes in CO2 emissions savings from the Norwegian continental shelf by 2018 – two years ahead of schedule and 50% above the targets established by the Norwegian petroleum industry in 2008.
Bjørn Otto Sverdrup, senior vice president for sustainability, said: “Statoil provides energy to millions of people every day and we want to contribute to reducing greenhouse gas emissions and capture new opportunities.
“With this ambitious new roadmap, we demonstrate how we have fully embedded climate in our strategy and decision-making. The roadmap is also a platform for engaging all our employees and an invitation to suppliers, governments and others to work with us in realising our vision of shaping the future of energy.”