“Statoil is always looking for new technologies to find more oil, increase production, or improve operational efficiency,” said head of Statoil Technology Invest (STI), Richard Erskine.
“Scotland has a strong tradition in developing new oil and gas technologies and we believe this partnership with Scottish Enterprise will enable us to more effectively work with small technology companies to commercialise and implement their ideas,” he added.

STI, a subsidiary of Statoil, was established to help start-up companies develop new technology which Statoil and the industry can use.

Mr Erskine and the chief executive of Scottish Enterprise, Lena Wilson, signed the memorandum of understanding in Edinburgh on 26 June.

Gunnar Breivik, Statoil’s Aberdeen office head, said the company expected big things from the local technology cluster: “After establishing ourselves in Aberdeen, we have been able to witness the inventiveness of the local industry cluster at close range,” he said.

“Hopefully this collaboration can stimulate ideas and cost-effective technologies that meet challenges both locally and globally.”

This year STI will invest about $24m of venture capital in early stage technology companies, focussing on seismic imaging, increased oil recovery, reservoir characterisation, subsea technology, drilling and well technology, as well as safety, environment and the climate challenge.