Karl Eirik Schjøtt-Pedersen is CEO of Norwegian Oil & Gas.

Karl Eirik Schjøtt-Pedersen, CEO of Norwegian Oil & Gas, reminds everyone that oil and gas will continue to be Norway’s most important industry for at least 50 more years.

“While the industry is going through a challenging period, it is important to keep calm. We should not lose sight of what is in store: 50 more good years for the nation’s most important industry”, says Schjøtt-Pedersen.

Reports show investments on the Norwegian shelf drop from a record-breaking BNOK 214.3 in 2014, to an expected MNOK 189.1 in 2015. This will have consequences for oil companies and their suppliers, as we have already seen.

“However, technology from our sector can be used in aquaculture, bridge building, ship fittings, medicine and offshore wind. Thus, new industries will emerge, but the oil industry will still be our backbone for several decades to come. Renewable energy will grow significantly, but the world will still need oil and gas for the foreseeable future”, says Schjøtt-Pedersen.

Read more (Norwegian text)