StatoilHydro is an integrated technology-based international energy company primarily focused on upstream oil and gas operations. Headquartered in Norway, StatoilHydro has more than 30 years of experience from the Norwegian continental shelf, pioneering complex offshore projects under the toughest conditions. Through the visit, the BSM group learnt about the business areas of the company with most of the emphasis placed on its carbon dioxide extraction technology.
With a carbon dioxide tax imposed on oil companies by the Norwegian government, many oil companies are working on technologies to increase the burning efficiency of its core products. Being a large player in the oil market, StatoilHydro has developed a technology to extract carbon dioxide from its crude oil which helps the company reduce costs and pollution. The carbon dioxide is then either stored in sinks or injected back into the seabed.
In addition, the BSM group was impressed with how StatoilHydro embarked on a collaborative project with the state and other oil companies to develop technologies for cleaner energy. Although the financial benefits that could be realized from the project are low, StatoilHydro has continuously invested heavily into the project in order to support Norway’s plan to be carbon neutral by year 2030. More importantly, StatoilHydro believes that through this project, it would be able to gain competence and expertise in developing better and cleaner technology.