Natural gas is a key part of Statoil’s energy partnership with the UK. For decades, the UK has secured the majority of its imported gas from Norway, through pipeline gas. In fact, this year imports from Norway covers around 50% of UK domestic gas consumption. This is enough to heat or power 8 million British homes.
The long-standing gas partnership with Norway delivers a number of benefits for the UK.
Firstly, gas from Norway has less distance to travel than is the case with other sources, which helps keep costs and the carbon footprint down.
Secondly, as the gas comes through a fixed infrastructure, a known and predictable quantity of gas can be provided.
This means the UK can plan ahead for seasonal variations over the longer term. The wider economic benefits of secure energy supplies should also not be overlooked.
As the UK moves towards a low carbon economy, it can continue to look to its Norwegian neighbour to provide gas that is vital for growth and innovation.
Natural gas is also useful in conjunction with renewable energy sources. Since renewable energy from solar and wind is intermittent, gas can provide a stable base load of electric power. By replacing coal with gas and renewables in the power sector, the UK has reduced its CO2 emissions to the levels of the Victorian era.
At Statoil we are committed to long term value creation in a low carbon future and helping shape the future of energy in the UK.
Read more about our natural gas business here.