Fossil fuels still key in green-energy future: Statoil

Singapore

EVEN as the world edges towards the goal of capping global warming at 2 deg C above pre-industrial levels, it will still face a future in which fossil fuels play a key role.

To meet this demand - and taking into account the depletion rate of current oilfields - the world will need another five to six Saudi Arabias in production by 2040, a senior executive at Norwegian energy giant Statoil has estimated.