Statoil Comes Up Dry At North Sea Well but Clinches Deal with Norwegian University

Statoil announced an agreement on research funding with the Norwegian University of Science and Technology (NTNU), suggesting that innovation and research are likely to play a key role. The operation also strengthens the image of the company in Norway. 

‘With a total budget of NOK 50 million over four years, Statoil and NTNU wish to build up a world-leading research group to develop sustainable energy solutions’ reads the note released on Thursday.  

Earlier this year, Statoil and General Electric launched another programme to find industrial solutions to reduce the environmental impact of onshore unconventional production.

“Statoil’s ambition is to be a leader in shaping the future energy society. Development of new technologies and solutions through industrial cooperation and collaboration with the best research and development institutes in the world are a key factor in this,” Statoil CEO Eldar Sætre commented. 

Meanwhile, the Norwegian Petroleum Directorate published a press release, saying that Statoil came up dry at wildcat well 13 kilometres south of the Grane field in the North Sea.