Statoil, ABB form JIP on subsea electric power use in deepwater

Offshore staff

STAVANGER, Norway – A joint industry program led by Statoil (NYSE:STO), with ABB (NYSE:ABB) as the technology developer, will target the development of solutions to the use of subsea electric power transmission in ultra-deepwater and over long distances.

“A cost-efficient and reliable power supply system is a key element for Statoil’s ‘subsea factory,” says Karl Johnny Hersvik, senior vice president for research, development and innovation’ “The JIP will develop technologies needed to provide electrical power to subsea pumps, electrical submersible pumps and subsea gas compressors for projects on the Norwegian continental shelf, in the Gulf of Mexico, and other places around the world.”

The total cost of the five-year program is $100 million, including ABB funding.

9/5/13