347
Future Prospects for Petroleum Development in the Arctic
Statoil is working across the Arctic because we believe its resources will be a critical source of energy
for a growing world. Economic growth and rising standards of living will result in a more than 30
per cent increase in global energy demand over the next 30 years. In order to replace existing
production and meet increases in future demand, the world will need an ―all of the above‖ energy
strategy – one that includes the Arctic resources.
But it's not only a question of filling an increasing demand. Most of the fields that will produce in
2030 and 2040 have not yet been discovered. In fact we have been producing more oil than we have
discovered every year since the early 1980s. It is a huge task for our industry to fill the gap that is
certain to appear.
2012 and 2013 has seen some areas move ahead and others pause. This is the nature of our industry.
Rising costs and technical complexity also means we take our time to fully evaluate the risks and
rewards.
This gives us time to do things right. There is no room for mistake in the Arctic.