STAVANGER, Norway, Aug. 28 (UPI) -- Norwegian energy company Statoil said it was investing in long-term innovation strategies to meet production benchmarks for 2020.
Statoil Technology Invest announced plans to invest $25 million in early stage technology companies. Richard Erskine, director of the investment arm, said onshore challenges presented by resources like shale oil and natural gas mean better technology is needed.
"Statoil must solve new technological challenges in order to succeed in its international operations and then it is crucial to find the right technology at an early stage," he said in a statement.
Extracting oil and natural gas from underground shale deposits requires horizontal drilling and hydraulic fracturing.
The company said new technology in seismic imaging, increased oil recovery, well safety and performance and resource characterization are important investment areas.
Fossil fuels by 2040 should account for around 73 percent of the global energy mix, compared with 81 percent for 2010, the company said. The company aims to produce more than 2.5 million barrels of oil equivalent per day by 2020.
