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As North Sea Production Declines, Norway Turns to Technology Innovation

As North Sea Production Declines, Norway Turns to Technology Innovation

Houston is in the middle of a Viking Invasion as Norwegians flock to the city in the hope that they can sell their technological innovations to help with deep-water wells, and enhanced oil recovery.

Norway’s oil industry dominates its economy, providing 20% of the GDP, yet decreases in production from North Sea oil fields over the last decade have led the government to encourage technological innovation as a new means of competing internationally in the oil sector.

Norwegian firms have now built a reputation for innovative and high quality technologies that are growing in demand as oil companies start drilling in deeper and deeper waters.

Related article: Understanding Product Lifecycles - Smart Investing Tips for Energy Investors

Einer Gamman, a partner with Energy Ventures, a Norwegian venture capital firm, explained that “in Norway, Houston is the place to be. For many young companies, Houston is the first place they try to establish themselves outside of Norway.”

This has led more than 10,000 Norwegians to leave their country and move to Houston, making it Norway’s largest expatriate community in the world.

The Norwegian government even helps its people within Houston itself, with the consulate containing its own business division, Innovation Norway, which provides support, including funding, market research, and if needed, property, to Norwegian businesses trying to break into the Houston market.

By. Joao Peixe of Oilprice.com



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