BI and Statoil enter into research partnership

8 February 2012

Statoil will contribute NOK 5 million per year over five years to petroleum economy research through a partnership with BI Norwegian Business School. The partnership will entail the establishment of a new, national research school.

- We are very pleased that Statoil has chosen BI as its partner in this 5-year research collaboration. This will provide opportunities to gather new knowledge about the role of the petroleum industry in the Norwegian and international economy, says President at BI Norwegian Business School, Tom Colbjørnsen.

The research will also result in courses at a doctorate level and other education in a field that is very important for future industrial development in Norway.

- Oil and gas is Norway’s largest industry, financing much of the Norwegian welfare state and providing political leeway in troubled times. As a leading player, we want to stimulate acquisition of knowledge relating to framework conditions and business policy, as well as the economic and societal consequences of our most important industry, says Statoil’s chief economist, Klaus Mohn.

The research programme will be headed by Professor Hilde C. Bjørnland in the Department of Economics at BI Norwegian Business School. The new partnership will finance doctorate theses, doctorate degree courses and tutoring modelled on the Research Council of Norway’s template for national research schools. The programme has been allocated to the centre for applied macro and petroleum economics, headed by Professor Bjørnland.

- This modern industry bonanza is about more than the discovery of oil, feats of engineering and operating expertise. Recovery of oil and gas resources provides challenges and opportunities as regards business development, asset management and economic policy. Such issues will be central to the activities under the new research programme, concludes Mohn.


Facts

  • Oil and gas activities contribute more than 20 per cent of the value creation in Norway and about a quarter of the total investments made in the country.
  • Almost half of Norway’s export revenues are generated by oil and gas sales.
  • Every fourth NOK in the Government budget comes directly from the activities on the Norwegian shelf.
  • Over time, the financial profit from the oil and gas activities have been invested in the Government Pension Fund – Global, which now manages almost NOK 3400 billion.
  • Substantial assets remain under the seabed. Of the total resources of 13.4 billion sm3 of oil equivalents, less than 40 per cent have been recovered so far.
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