Statoil is expanding into offshore wind power and has set a target of 9 GW of capacity by 2020. Offshore wind is a lower margin industry that requires a different mindset and governance model than oil and gas. Statoil will focus its renewable energy efforts on areas where it can apply its existing technology and experience. Its first project, Sheringham Shoal, met commercial targets and provided learning for future projects. Statoil sees potential for huge cost reductions in offshore wind and hopes to demonstrate grid parity without subsidies in the 2020s. Future projects may involve synergies with oil and gas expertise and working with contractors to improve safety and planning.