• 28/08/2012
  • |     BB

Statoil Invests in Shale Oil and Gas Production

During 2012 Norway's Statoil will invest NOK 150 million of venture capital in early stage technology companies. A case in point is shale oil and gas production.

Trefwoorden: #Alliance Venture Polaris, #kindem, #Norinnova, #ProVenture, #SakorninVest, #Sarsia, #statoil, #venture capital

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( Foto: Cheaspeake/Statoil, shale gas production )

ENGINEERINGNET-EU -- 'The last five years we have invested NOK 800 million in companies to develop technology that can create value for our operations,' claims Statoil in a news release.

"We make investments and help develop companies at an early stage in order to mature technology which we in Statoil and other players need to solve our future challenges," says Siri Espedal Kindem, senior vice president of technology in Statoil.

"The companies are assisted in building and commercializing their technology and they gain from developing and piloting their technology in cooperation with us."

Technology and innovation are critical for Statoil: the company has the ambition to reach a production volume above 2.5 million barrels of oil equivalent per day from 2020.

Statoil's technology strategy has identified four areas as particularly important: seismic imaging, increased oil recovery (IOR) and reservoir characterization, subsea technology and drilling and well technology, as well as technology addressing safety, environment and the climate challenge.

"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. A case in point is the initiative in US onshore activities and shale oil and gas," says Richard Erskine, head of Statoil Technology Invest.

Statoil is also among the largest private investors in the leading seed capital funds Sarsia Seed, SakorninVest II, ProVenture Seed, Alliance Venture Polaris and Norinnova Invest.