Statoil Future Energy Forum Minister of Petroleum and Energy Terje Søviknes Stavanger, 22 May 2017

Norway – an energy nation 37% Oil and gas revenue as a share of total export revenue of total energy use is renewable >20 % of EU gas demand met by Norwegian gas 98 % of electricity production is renewable Norway is part of an integrated Nordic electricity market. →greater security of supply and more effective resource use.

A global challenge

Awarding attractive acreage Announcement of Awards in Predefined Areas (APA) 2017 above, and Proposed announcement of the 24th licensing round, right

Resources New calculations by the Petroleum Directorate: the undiscovered oil and gas resources in the Barents Sea are twice as large as previously assumed.

Statoil on the Norwegian Continental Shelf Johan Sverdrup illustration: Statoil At Songa Enabler with Statoil's Tim Dodson. Johan Castberg illustration: Statoil Receiving the PDO for Bauge and Njord Future from Terese Kvinge (left) and Tanja Blekastad of Statoil.

Strong measures to reduce emissions in Norway High price on CO2 emissions through carbon tax since 1991 and membership of the EU Emissions Trading System. Incentive for reducing emissions. Working with the market, not against it. Natural gas a flexible partner for renewables and cheap and effective replacement for coal With German State Secretary Rainer Baake in Berlin, 16 May.

Gas as replacement for coal Source: Carbon Brief

Research and innovation After 50 years of oil and gas, Norway has developed an industry at the technological forefront Continued technological development is key – this Government has strengthened funding for petroleum research throughout our time in office Above: Seabox (left) and Fishbones (right) – companies who have received support for their technology development from the DEMO 2000 programme

Renewables – in Norway and globally Strong growth in renewable energy globally Great potential for Norwegian industry Further development of renewables in Norway – driven by signals from the market Norway connected to the European power market – further development of interconnectors to the benefit of Norway and European partners

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