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Statoil ASA invests in development company.

NORDIC BUSINESS REPORT-6 July 2005-Statoil ASA invests in development company(C)1994-2005 M2 COMMUNICATIONS LTD

The Norwegian oil company Statoil ASA said on Wednesday (6 July) that its subsidiary Statoil Innovation had invested an undisclosed sum in a stake in the newly established development company ResMan.

ResMan is developing a new product for monitoring fluid flows in oil and gas wells.

"We have great commercial hopes for this product," said Asle Jostein Hovda, investment manager at Statoil Innovation.

"We're in dialogue with operators over large parts of the world, and the response has been huge," Hovda added.

The investment makes Statoil Innovation the largest shareholder in ResMan.

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Title Annotation:Statoil Innovation., ResMan AS.
Publication:Nordic Business Report
Article Type:Brief Article
Geographic Code:4EXNO
Date:Jul 6, 2005
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