Norwegian oil major Statoil plans to invest up to 20% of capital expenditure in other areas, such as offshore wind, by 2030.
Chief executive Eldar Saetre said in a presentation of the company’s 2016 results that between 15% and 20% of Capex could go to offshore wind by the end of the next decade.
“With costs coming down quickly, renewables are set to be cost competitive, especially in power generation,” he said.
“Strategically, renewables diversifies our portfolio by offering longevity and also cash flow resilience.”
The company is currently developing the 402MW Dudgeon offshore wind farm in the UK and paid a record $42.5m for the 79,000-acre New York lease area in a December auction.