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Statoil Canada Invests $1M To Grow R&D And Petroleum Education In Newfoundland

Stocks in this article: STO

"The new Statoil Chairs in Reservoir Engineering will significantly strengthen Memorial's research capacity in this strategic area and we are committed to pursuing other opportunities, such as a Canada Research Chair or NSC Industrial Chair, to further build our expertise in this area," said Dr. Gary Kuchens, president and vice-chancellor, Memorial University. "I have every confidence that the Statoil chairs will lead to innovative new research that will benefit both engineering students and the wider community."

The recruitment process for the new chair positions will start immediately with the goal to have a chair in place by April 2012.

About StatoilStatoil is an international energy company with operations in 34 countries. Building on more than 35 years of experience from oil and gas production on the Norwegian continental shelf, Statoil is committed to accommodating the world's energy needs in a responsible manner, applying technology and creating innovative business solutions. For more information, go to www.statoil.com.

About Statoil Canada in Newfoundland Statoil ambitions are to become a producing operator offshore Newfoundland and Labrador, while gaining knowledge about the region's sub-arctic conditions. The company is a partner in the Terra Nova (15%) and Hibernia (5%) fields, as well as the Heron (9.7%) and in the Hibernia Southern Extension (10.5%) field developments. Statoil is also a major exploration operator, holding four significant discovery licenses and five exploration licenses. In 2009, it made a discovery on its Mizzen prospect located in the Flemish Pass Basin, opening a new relatively unexplored basin for the province. Statoil is currently operating a two-well exploration program offshore Newfoundland: the first is 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. 

About the Research & Development CorporationThe Research & Development Corporation (RDC) is a provincial Crown corporation responsible for improving Newfoundland and Labrador's R&D performance. RDC works with R&D stakeholders including business, academia and government agencies and departments. For more information about RDC, go to www.researchnl.com.



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