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Statoil sells dirty business at a huge loss

The Norwegian oil giant bids farewell to its controversial oil sands projects in Canada and takes significant write-downs.

Photo: Greepeance
BY THOMAS BO CHRISTENSEN

Statoil's decade-long oil venture in the Canadian oil sands is over.

The company has revealed in a press release that it has sold out of its assets in the expensive and environmentally destructive oil production.

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More from EnergyWatch

Vattenfall secures public funding for hydrogen venture in the UK

Vattenfalls adm. direktør, Anna Borg, havde onsdag besøg af fire regeringsledere samt EU-Kommissionens præsident, Ursula von der Leyen. | Foto: Vattenfall

By producing hydrogen directly from turbines, the utility wants to reduce energy loss and save money. The company has just received state subsidies to develop the first turbine of this kind in the UK, providing a much more efficient solution than other alternatives, says CEO Anna Borg.

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