Energy giant Statoil has said its next generation of oil and gas projects will have a reduced level of CO2 emissions.
At its Socially Responsible Investor day, the Norwegian firm said its new portfolio will have a CO2 intensity of 3kg per barrel of oil equivalent.
That figure is less than 20% than the current industry average.
Statoil said it is already on track to reduce C02 intensity from its current portfolio to eight kg per barrel of oil equivalent, less than half the global industry average.
It comes ahead of the company’s AGM on May 15th when shareholders will vote on proposals to change the name to Equinor.
Statoil announced plans to rebrand in March.
The firm said losing the “oil” from Statoil reflects its focus on establishing itself as a “broad” energy company.
The next generation portfolio includes projects of eight billion barrels of oil equivalent, at a breakeven price of $21 per barrel.
Chief executive Eldar Sætre said: “To perform well in today’s global context, sustainability is essential for business.
“In Statoil, this is embedded into our corporate strategy, governance and decision-making as we work to turn natural resources into energy for people and progress for society.
“Statoil has a competitive advantage in its ability to create superior value in a low carbon future.
“Our vision is to shape the future of energy, and our next generation portfolio demonstrates that we are delivering. We strive to be an industry leader on safety, and form our portfolio to deliver high value with a low carbon footprint.
“We are building a material and profitable portfolio within renewable energy, and we are developing as a broad energy company.”
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