Statoil to Devote Quarter of Research Budget to Low Carbon Tech

Statoil has pledged to put 25% of its research funding towards CO2 reductions and new energy solutions in 2020.
Statoil’s 2017 research budget totals NOK 2.6billion (£240million).
It intends to spend around 50% of the budget externally.
The Norwegian major said efforts were being made to develop electrification technologies. reduce emissions from turbines offshore and reduce energy consumption for new fields.
Margareth Øvrum. executive vice president for technology. projects and drilling. said: “Statoil wants to be in the forefront of the development in the oil and gas industry.
“Technology and innovation are vital to finding more resources and developing projects. while at the same time reducing costs and CO2 emissions.”
Statoil’s strategy focuses on safety. high value creation and low carbon. And with ambitious goals both within climate and digitalization it was necessary to update the company’s technology strategy.

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