Global challenges and new opportunities in the energy market will create a turning point for the industry, says Statoil CEO Eldar Sætre at the Statoil Autumn Conference.

In his speech to the Norwegian Prime Minister and other guests at the annual Autumn Conference, Sætre emphasized the fact that the energy world is changing and the oil and gas industry is currently facing a tough reality, as global upstream investments are estimated to fall by 20% in 2015.

But oil and gas will continue to play an important role in the future energy mix.

"We know that energy demand is growing. We also know that renewable energy will have to meet most – if not all – of this increased demand. However, oil and gas will remain critically important energy resources. Even in a 2 degree world we need oil and gas roughly at today’s levels in 2040," Sætre says.

Tags: Statoil