Norwegian oil group Statoil expects to spend $500m in developing its New Energy business this year – matching 2017’s spend – as it ramps up investment in renewables towards the end of the decade, the executive heading the unit told Recharge.

The oil and gas major has been diversifying into offshore wind in recent years, aiming to capitalise on its offshore experience, building a 750MW operating offshore wind portfolio off the UK, Germany and Norway.