Uchenna Izundu
International Editor
LONDON, Mar. 28 -- StatoilHydro will increase its research budget by 20% to 2.14 billion kroner in 2008 to focus on technologies and exploration and production.
The investment is a larger outlay than Statoil's and Hydro's separate research spending in 2007.
"The R&D portfolio is now divided into the following five programs: exploration, increased oil recovery, new development solutions, oil and gas value chain, new energy as well as new ideas. The group also cooperates with universities and colleges," StatoilHydro said. Its new technology strategy will come into effect in 2009 and will be used on the Norwegian Continental Shelf, particularly on deepwater activities further north.
The new research program will find ways to capture synergies following the merger and position the company to address future challenges. About 1 billion kroner will be spent on developing research partnerships with Norwegian companies and the R&D industry.
Contact Uchenna Izundu at [email protected].
