Norway-based energy company, UT agree on $5 million research program

[Lars77]

http://www.statesman.com/business/norway-based-energy-company-ut-agree-on-5-1867592.html

Norway-based energy company Statoil has agreed to fund $5 million in geology, geophysics and petroleum engineering research at the University of Texas over the next five years, the university said Monday.

The research agreement, which is expected to go into effect this fall, is Statoil's first with a university in the United States and is its largest research agreement with a university outside Norway, the company said.

UT will retain an ownership stake in any patents or products developed through the research project, said Scott Tinker, director of UT's Bureau of Economic Geology. Tinker and Tad Patzek, chairman of UT's Petroleum and Geosystems Engineering Department, will both serve on the board that will oversee the research program.


_________________________________

This is the state-owned Oil company in Norway. Socialist money pouring into Texas! ;)