Statoil and ABB have entered an agreement to develop solutions for subsea electrical power transmission, distribution and power conversion systems for water depths down to 3,000 meters and over long distances. The agreement is in the form of a cost-shared joint industrial program (JIP) led by Statoil on behalf of other participating oil companies, with ABB as the technology developer. The agreement follows a large subsea electrification study executed jointly by Statoil and ABB during 2012. “The JIP will develop technologies needed to provide electrical power to subsea pumps, electrical submersible pumps and subsea gas compressors for projects on the Norwegian continental shelf…