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Statoil keen on North American boom

Nov. 19, 2012 at 8:28 AM

STAVANGER, Norway, Nov. 19 (UPI) -- With oil and natural gas expected to dominate the global energy mix, Norwegian energy company Statoil said it aimed to capitalize on North American reserves.

Statoil Chief Executive Officer Helge Lund, said during the company's seasonal conference that Statoil was upbeat about the emerging potential in the North American energy market.

"What we are now seeing in North America is an energy revolution that has helped increase energy security, reduce imports, create new jobs, stimulate economic growth and reduce carbon emissions," he said.

A report from the International Energy Agency stated that the United States was on pace to become a world leader in terms of oil and natural gas production.

Lund said Statoil expects the world may need as much as 50 million barrels of new oil capacity per day and 52 trillion cubic feet of new gas per year by 2035 to keep up with demand.

He said that when considering energy source against coal, oil and natural gas remained less of an environmental threat.

Norway is a regional leader in terms of oil and natural gas production.

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