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Thursday, 21 April 2016, 6 p.m., Edinburgh
Oil and Gas Markets: Short Term Pain, Long Term Gain?

Eirik Wærness, Chief Economist, Statoil

Sponsorship is provided by Scottish Oil Club (Students).

This event occurred on: Thursday, 21 April 2016, 6 p.m.

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Funding for student participation from member universities provided by Scottish Oil Club.


Eirik Wærness will address the short-term situation in the oil and gas markets, with emphasis on the key drivers behind the current challenges, as well as the near-term future development. He will then turn to the long-term perspectives for development in global energy markets, based on Statoil's Energy Perspectives 2015 publication. Given the significant uncertainties driving the long-term development, his presentation will contain three considerably different, but possible scenarios for the development in global energy demand and energy mix towards 2040. A key conclusion is that oil and gas as energy sources are here to stay at least at current levels for decades, even if the world were to change energy and climate policies significantly and move to reduce energy-related CO2 emissions significantly in order to achieve the 2-degree target on global warming.


Eirik Wærness, Senior Vice President and Chief Economist in Statoil, has a broad experience from government, academics and private sector companies. In the period 2010-2013 he served as member of the Executive Board of the Central Bank of Norway. From 2014 he is a member of World Economic Forum’s Global Agenda Council on the Future of Oil & Gas, and also serves as Chief Expert Advisor for WEF’s work on Energy Architecture Performance Index. His experience includes different positions in the Norwegian Ministry of Finance, Total E&P Norway, Pöyry Management Consulting/Econ Centre for Economic Analysis, in addition to Statoil. In Statoil, he has been leader of Corporate Strategy, Corporate Planning and Analysis, Economic Analysis in Upstream Norway, Energy Market Analysis, and Mid- and Downstream Strategy in addition to his current role. He has also served as member of two public commissions/expert groups on tax reforms.

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