Statoil creates renewables unit

NORWAY: Offshore wind developer Statoil has created a new renewable energy division in a group restructure with the aim to grow its low-carbon portfolio.

Statoil's 317MW Sheringham Shoal (pic: Alan O'Neill/Statoil)
Statoil's 317MW Sheringham Shoal (pic: Alan O'Neill/Statoil)

The New Energy Solutions (NES) business area will start with the group's offshore wind portfolio but will look to expand into new renewables technologies.

NES is expected to develop new projects, as well as fund innovation in business and technology.

Statoil senior vice president for exploration in Norway, Irene Rummelhoff, has been appointed executive vice president of the new division, reporting directly to CEO Eldar Saetre.

Saetre, former head of Statoil's renewable energy business, was hired as CEO in February. At the time of his appointment, he said there would be a greater push towards renewable energy.

The group's offshore portfolio had been under its marketing, processing and renewable energy unit. In today's restructure, it has been given its own business area.

Statoil's offshore interests are mostly based in the UK. They are the 317MW Sheringham Shoal and the 402MW Dudgeon offshore projects developed in partnership with fellow Norwegian energy firm Statkraft. Dudgeon is under construction and due online in early 2016.

Statoil is also a member of the Forewind consortium developing the 7.2GW Dogger Bank zone in the North Sea.

It is also developing the Hywind pilot project to test floating foundations off the Scottish coast.

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