Norsk Hydro set up a fund, Norsk Hydro Technology Venture, which will invest in energy sector research and development projects implemented outside of the company's own operations. The fund will inject capital into companies developing projects that are of importance for Hydro that impact the company's energy operations. This seems like an appropriate place to point to this article by Ken Larner , published in last month's The Leading Edge. Explosions, not a collision, sank the Kursk . New Web-enabled prospect interpretation process introduced .
Online system provides interpreters global access to oil company data.
Interested interpreters apply for access to data for an advertised block. The owner screens applicants and then awards the right to develop prospects. Successful applicants can choose from a number of risk-weighted compensation models based on guaranteed fees, prospect quality and success. If the block owner elects to farm out, the applicants have the opportunity to recommend their prospects to third-party companies. In the BP prototype, after receiving numerous responses on the five properties it posted in the VirtualProspect system, BP selected five qualified applicants to submit interpretation proposals.