CEOs: North Sea key to European energy supply

To mark the start of the BDEW Energy Congress, Helge Lund, CEO of Statoil, and Rainer Seele, Chairman of Wintershall, commented on the importance of the North Sea for Europe's energy supply.

Over half of Europe's natural gas requirements are met by production in the North Sea; as a result, this region is of key importance for Europe's supply security.

Ahead of the EU summit where the heads of state and government will define the roadmap for Europe's energy policy, Rainer Seele called for corrections to Germany's energy policy.

"Natural gas is the best option for reducing CO₂ emissions cost-effectively," said Seele at a joint press briefing with Statoil CEO Helge Lund in Berlin. Germany has to focus again on the actual objective of the energy shift - not to expand renewable energies unconditionally, but to reduce CO₂ emissions.

The balance in the energy mix has to be restored and coal substituted by natural gas. "Coal and renewables aren't good partners," said Lund in consent, pointing to the US, which has strengthened its economic competitiveness and at the same time cut CO₂ emissions with its gas strategy.

Seele and Lund also emphasised that Europe's supply of natural gas is secure. The North Sea has a key position in this regard and is still the most important production region for Europe. "We sometimes forget that the EU and Norway together produce more than half the gas consumed by Europe," explained Seele.

Both CEOs agreed that the close energy partnership with Norway is vital for the EU and Germany, saying that Norway, currently the second-largest gas supplier in the EU, has great potential for the future. According to Lund, only 30% of the country’s gas reserves have been produced so far. Norway therefore has the resources to secure Germany's supply of gas.

Adapted from press release by Katie Woodward

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