Statoil reaffirms renewables commitment

Statoil has today distanced itself from reports suggesting it could scale back investment in renewable energy, insisting the company currently has "no plans" to offload its high-profile alternative energy projects.

Over the weekend Norwegian newspaper Stavanger Aftenblad reported comments from the firm's chief executive Helge Lund suggesting that the company is reviewing its current investment in renewable energy projects, which includes plans for two UK offshore wind farms and the development of the Hywind floating wind turbine.

Lund said Statoil should use the next three to four years to consider if it is in a position to tackle the challenges facing the renewable energy sector, such as the relatively high cost of clean energy, or instead focus its attention entirely on oil and gas.

However, a Statoil spokesman told BusinessGreen.com earlier today that Lund's comments had been "misunderstood", insisting Statoil's review of renewables is part of a routine evaluation process which applies to all energy projects.

"We have no plans for pulling out of new energy," he added. "Our strategy lays firm... We have historically high levels of investment and engagement in new energy. As in any business, we consistently both analyse and evaluate the market, economics etc and we do that for renewable energy as we do for all energy projects."

He drew attention to Statoil's plans, revealed last week, to build the world's first floating wind farm, adding that potential sites include an area off the coast of Maine in the US, two in Scotland or one in Norway.

"We hope to make a decision next year about a possible demonstration site," he said.

He also confirmed that construction work at Statoil's 317MW Sheringham Shoal offshore wind farm remains on track, with the site off the North Norfolk coast expected to go live at the end of next year.

Statoil also forms part of the Forewind consortium, currently developing the massive 9GW to 13GW Dogger Bank offshore wind farm off the east coast of Yorkshire. The project is slated to start construction in 2015, with the first turbine expected to be connected to the grid in 2016.