A $ 1 million dollar investment by Statoil Canada that will be matched by the Research & Development Corporation is expected to boost Memorial University of Newfoundland’s research expertise in reservoir engineering.

The funding will create the Statoil Chair and Statoil Associate Chair in Reservoir Engineering at Memorial University and foster the development of a new Petroleum Engineering research program in the Faculty of Engineering and Applied Science. Statoil Canada and RDC will each contribute a total of $ 1 million over the next five years.

Today’s announcement is an excellent example of the opportunities that are created when industry, academia, and government partner – ” – Keith Hutchings minister Research & Development Corporation

Statoil is a technology-based upstream energy company, so investments in R&D and education and training are important for us.” – Hege Rogno vice-president¬†Offshore Upstream Statoil Canada

We have a long track-record of collaboration, technology sharing and knowledge transfer, which sets us apart. With the goal to strengthen the areas of petroleum technology, reservoir engineering and R&D in the province, we are very pleased to enter into a partnership with Memorial University and the Research & Development Corporation.”

Recently, Statoil signed a similar agreement, focused on R&D collaboration, with the University of Texas. “Universities and academic institutions in North America represent important arenas for Statoil in research and competence development,” said Ms. Rogno. “With plans to significantly develop our operations in Canada and the US, we want to further develop our position in the market for talented and skilled individuals.”

R&D investments in petroleum reservoir engineering align with Newfoundland and Labrador becoming a world-class leader in new technologies for exploration and development in harsh environments.“- Glenn Janes chief executive officer RDC

Today’s announcement will also foster new generations of researchers critical to the future growth of this province’s offshore petroleum industry.”

The Statoil Chairs in Reservoir Engineering will become an integral part of the Faculty of Engineering and Applied Science. The chairs will establish, promote and focus their teaching and research programs on reservoir engineering. The chairs will also develop the reservoir engineering capability within current programs.

The new Statoil Chairs in Reservoir Engineering will significantly strengthen Memorial’s research capacity in this strategic area and we are committed to pursuing other opportunities, such as a Canada Research Chair or NSC Industrial Chair, to further build our expertise in this area.” – Dr. Gary Kuchens president and vice-chancellor Memorial University

The recruitment process for the new chair positions will start immediately with the goal to have a chair in place by April 2012.