International energy firm Statoil has joined forces with the University of Texas to harness future talent in research and development, in a deal worth $1 million a year for five years for the educational institution.

Bill Maloney, executive vice president for Statoil in North America said: “Universities and academic institutions in North America represent important arenas for Statoil in research and competence development, both on a regional and global level.”

The University has been a partner for Statoil within research and technology development for many years, especially in the areas of geology, geophysics and petroleum engineering.

Helge Haldorsen, vice president for strategy in Statoil North America said the deal was vital for the company going forward: “We are in a growth mode, and this agreement will allow us to access world-class research and long-term recruitment opportunities.”