An oilfield services company in Denmark has been given a €25 million (£19.8m) loan by the European Investment Bank (EIB).

Welltec will use the cash to develop advanced robotic solutions that can be used in the oil and gas development and production phases such as well completions to avoid the need for heavy-duty conventional equipment.

The project is aimed at reducing well construction times and extending the productive life of wells.

Jonathan Taylor, EIB Vice-President responsible for operations in Denmark said: “We are pleased to be partnering with Welltec in this breakthrough operation as it will enable the EU bank to support future technologies whose concrete applications will help reduce not only operating costs but more importantly risks to health, safety and the environment”.