Statoil researching new energy future

STAVANGER, Norway, Oct. 1 (UPI) -- Norwegian energy company Statoil said it was teaming up with university researchers to steer development of what it says are sustainable energy solutions.

Statoil said it was teaming up with the Norwegian University of Science and Technology through a $5.9 million investment over four years to develop a research group focused on new energy solutions.

"Statoil's ambition is to be a leader in shaping the future energy society," Statoil Chief Executive Officer Eldar Saetre said in a statement.

In June, the Norwegian energy company joined five of the largest European oil and gas companies in calling on government leaders to develop a framework for a low-carbon economy.

Their appeal comes as world leaders are working toward finding climate solutions at a December conference in Paris. Earlier this year, the International Energy Agency said policy uncertainty and a lack of incentives leaves global renewable energy development far short of what's needed to abate warming.

In Statoil's annual report, the company examined three long-term scenarios for energy and low-carbon developments. Only under a scenario that calls for "rapid changes" does renewable energy development progress to the point that emissions are cut to limits where warming trends are controlled.

"Norway has both opportunities and responsibility to help deal with this challenge through the production of more environmentally friendly energy," university director Gunnar Bovim said. "Collaboration with Statoil will help to strengthen the knowledge base for this production."

Statoil said oil and natural gas will play a dominant role in the future, but alternative options like renewable energy and energy efficiency measures are expanding.