Statoil investing in exploration research

June 1, 2011 at 8:15 AM
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STAVANGER, Norway, June 1 (UPI) -- A deal with Scandinavian research company Sintef could help solve challenges in the energy sector, an official at Norwegian energy company Statoil said.

An agreement potentially worth an estimated $19 million between Statoil and Sintef is described by the Norwegian company as likely one of the "the most comprehensive individual research agreement ever signed in Norway."

Karl Johnny Hersvik, a top research official at Statoil, said the Scandinavian company has broad expertise in deep-water technology.

"The international focus on research is greater than ever, competition is tougher and research and development will play a fundamental role in solving global energy challenges," he added in his statement. "Our responsibility is to make sure that Statoil possesses the necessary research expertise and capacity, and the agreement with Sintef is an important part of this."

Statoil said it aims to spend more than $20 million this year on research and development efforts. The company is active in parts of the world where deep waters and arctic conditions can present exploration challenges.

Statoil made its first agreement with Sintef in 1985. It's valid for four years with options for extension.

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