Concluding remarks at Equinor's Autumn Conference 2022

Checked against delivery.

Ladies and gentlemen, dear energy friends.

It is an honour for me to make these closing remarks at the Autumn Conference.

This has been an important three hours with valuable insights. The backdrop is serious.

We have heard from many distinguished speakers about the numerous challenges we are facing. There are enormous challenges. But challenges are also opportunities.

Today has been about how we should manage the energy transition, and how petroleum, renewables and low emission solutions can complement each other in solving the energy trilemma.

We have learnt that our future energy use needs to meet Security, Affordability and Decarbonisation.

Energy Security rely on robust energy infrastructure, and not least, the ability of energy providers to meet current and future demand.

Affordability is equally important. The challenges and pitfalls of the current situation with very high energy prices, whether it is electricity in Norway or gas in Europe, should not be underestimated.

It holds an important message to all of us: Access to affordable energy is key for economic growth, businesses and livelihoods across the world.

And finally, we must meet the energy demand within the framework of our climate goals and environmental sustainability.

But to be clear: The energy transition will take time. To succeed it will be imperative to ensure that the world’s population has access to affordable and reliable energy also in the coming decades.

In addition, energy demand will rise, due to a growing world population and increasing standards of living.

Furthermore, the global production from existing fields will be rapidly reduced without new investments.

Therefore, I don’t agree with Dr. Fatih Birol telling us earlier today. I think we also need significant exploring and investments.

Significant outlays will be required just to halt the annual declines. I am relly sure about that.

New energy crises and highly volatile prices will be the result, if the production of oil and gas falls faster than what we manage to replace with new energy sources.

It is in this context that I think Norway is seen as a reliable and trusted energy partner with a solid democratic foundation.

Our European friends, our allies and trading partners recognise the continued efforts Norway is making to bring oil and gas to the market.

My firm conviction is that the most important contribution Norway can make to the global energy supply, is to continue exploration and investment in production on the Norwegian Continental Shelf.

Norwegian oil and gas can be produced at a competitive cost and with considerably lower emissions than alternative sources of supply.

At the same time, we must take on a special responsibility for developing critical technologies for the global energy transition – such as carbon capture and storage.

A massive increase in zero or low emission energy production, energy efficiency and technological development are needed to reduce global emissions, and Norway will contribute.

So, in conclusion, the Norwegian Government will continue to develop the Norwegian petroleum sector, build on the competence and technologies from this sector to develop solutions for the future, as well as reduce Norwegian emissions.

In this way we will contribute to energy security, affordability and decarbonisation globally.

And thank you to Equinor, young 50 year old company that gather us here today.

Thank you for your attention!