StatoilHydro's vice president for natural gas Thursday said the fuel is an important bridge towards a low carbon economy and his company has a key role to play in meeting global demand.
"I am convinced that natural gas will be a competitive energy source for many decades to come," Rune Bjoernson said, as it is the cleanest fossil fuel, with much lower emissions of greenhouse gases than coal and oil.
Replacing older coal power plants with new gas power plants reduces carbon dioxide emissions by around 70%, so substituting coal generated power in Europe with natural gas generation could help save millions of tons of carbon dioxide emissions, he noted.
StatoilHydro is the second biggest supplier of natural gas to Europe, exporting gas from Norway, as well as international positions in Algeria, Azerbaijan and the U.S.
Bjoernson said global energy demand will continue to grow, and will be highest in Asia, but will also grow in his company's main markets, Europe and the U.S.
But he sounded a warning note: "If we are to maintain our leading gas position, we must find more gas and develop new discoveries and fields on the Norwegian Continental Shelf. Ultimately this means that we need access to new acreage to ensure a stable flow of high volumes of gas from Norway to Europe."