Statoil Canada has announced it is investing $1 million into research expertise in reservoir engineering.
The investment is to be matched by the Research & Development Corporation (RDC), and will create the Statoil Chair and Statoil Associate Chair in Reservoir Engineering at Memorial University, Newfoundland, fostering the development of a new Petroleum Engineering research program in the Faculty of Engineering and Applied Science.
Statoil Canada and RDC will each contribute a total of $1 million over the next five years.
Statoil is currently a partner in the Terra Nova (15 percent) and Hibernia (five percent) fields, as well as the Heron (9.7 percent) and Hibernia Southern Extension (10.5 percent) field developments offshore Newfoundland and Labrador. The company also holds four significant discovery licenses and five exploration licenses.
Statoil is currently operating a two-well exploration program offshore Newfoundland: the first on Mizzen, the second on its Fiddle head prospect, to be completed by the end of 2011. It also recently completed a D seismic program in the northern Flemish Pass Basin.
Commenting, Hege Rogno, vice-president of Offshore Upstream, Statoil Canada, said: “Statoil is a technology-based upstream energy company, so investments in R&D and education and training are important for us. We have a long track-record of collaboration, technology sharing and knowledge transfer, which sets us apart.
“With the goal to strengthen the areas of petroleum technology, reservoir engineering and R&D in the province, we are very pleased to enter into a partnership with Memorial University and the Research & Development Corporation."
Keith Hutchings, minister responsible for the Research & Development Corporation, added: "Today's announcement is an excellent example of the opportunities that are created when industry, academia, and government partner.
"This partnership will result in positive outcomes as it will further develop Newfoundland and Labrador's research expertise in reservoir and arctic operations. It also represents some of the innovative work of RDC and its contribution to enhancing exploration and development opportunities for this province."
The Statoil Chairs in Reservoir Engineering will become an integral part of the Faculty of Engineering and Applied Science. The chairs will establish, promote and focus their teaching and research programs on reservoir engineering, as well as develop the reservoir engineering capability within current programs.
Statoil is an international energy company headquartered in Stavanger, Norway, with operations across 34 countries.
