USD 565.6 million is what the Norwegian state-owned oil company Statoil expects to spend on research, development and testing of new technologies in 2013 and at the moment, the company is working on 429 projects, Statoil research and development head, Karl Johnny Hersvik, tells the Norwegian business newspaper Dagens Næringsliv.
Statoil has an ambition to increase its recovery on the Norwegian shelf to 60 percent which demands new technologies, Karl Johnny Hersvik tells Dagens Næringsliv and he says that it has cost billions but creates values.
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