StatoilHydro Announces Oil & Gas Discoveries
Aug 25, 2008 – Stavanger, Norway – StatoilHydro [STO ] CEO Helge Lund 
announced a new oil discovery in the North Sea indicating that the Dagny area are still prospective. Drilled in 119 meters of water & 4 km below sea level the discovery has about 100-125 million barrels of oil equivalent.
Senior VP Tim Dodson also reported a deep water discovery of gas in the Norwegian Sea expected to be about 4 billion cubic meters of recoverable gas.
The new in thing with traditional oil companies and utilities is to show some attention to the environment while still earning the bulk of their revenue from oil. StatoilHydro is also follwing this line as StatoilHydro highlights their activities in green energy and sustainability. They point out that they are also active in the development of green energy including natural gas, floating wind turbines, wave power, tidal turbines, and CO2 storage, and energy conservation. StatoilHydro has set up a wind power system on the small island of Utsira that completely powers the island and uses excess energy to produce hydrogen as a further fuel to use when the wind is not sufficient.
Photo courtesy of & © StatoilHydro
