Norway's Statoil is looking to increase its efforts to diversify away from oil and gas over the next decade.
"It is a fact that there is a decline in oil and gas (but) there is still a growing demand… we have to deliver that and the question is how to do that?" Statoil CEO Eldar Saetre told CNBC on Wednesday.
"There is an energy transition going on and we will take part in that by not only producing oil and gas, but increasing our renewable energies," he added.
Statoil announced stronger-than-anticipated fourth-quarter earnings Wednesday, making it the latest oil company to benefit from a rapidly improving environment for big energy firms.
Like other oil majors, Statoil has slashed jobs and investment projects in recent years but is beginning to see the benefit of a recent oil price rally.