StatoilHydro Still Producing Oil & Gas
CEO Helge Lund says StatoilHydro [NYSE: STO] will spend 9 billion NOK [about 1.67 billion USD] in this year on traditional fossil fuel exploration in the Norwegian Continental Shelf drilling 35 exploration wells in addition to 80 production wells. StatoilHydro expects to add 600,000 barrels per day to its production by 2015. Half will come from new wells and half from more efficient recovery from current wells. He said, “There is no quick fix-route to a non-fossil future. Fossil fuels will be crucial to meet growing energy demand the next few decades.” That is not what green energy proponents want to hear, but it is probably realistic as he points out that many “underestimate the huge task it is to substitute for oil and gas.”
Of course, as with almost all oil and gas companies, StatoilHydro highlights its “Solutions of tomorrow” on its website. These green energy initiatives include 
CO2 storage, floating wind turbines, tidal turbines, wave power and conservation.The question is how far tomorrow is from today. Certainly not one rotation of the earth or even one revolution around the sun.
Top photo courtesy of & © StatoilHydro
Bottom photo courtesy of & © Siemens AG
