A new competition to boost offshore oil and gas exploration activity in the UK Continental Shelf (UKCS) has been launched.
The Oil & Gas Authority (OGA) is calling on geoscientists and engineers for a share of a £500,000 fund to develop “innovative interpretations and productions” potentially using the data acquired during last year’s seismic surveys.
They could be awarded up to £30,000 to carry out initial analysis and two winning candidates could be given around £100,000 to develop their work into a final product for use by the OGA.
It will make the data openly available at the end of March to stimulate exploration interest ahead of the 29th Licensing Round.
Gunther Newcombe, OGA Exploration and Production Director said: “We hope this competition will lead to a greater understanding of some of the UK’s frontier areas and capture the imagination of some of the brightest minds in the highly talented geoscience community.
“For the first time, substantial quantities of new and reprocessed seismic data will be freely and openly available to all. This and the forthcoming implementation of a more flexible new licensing regime will play a crucial role in revitalising exploration of the basin.”
The announcement follows Prime Minister David Cameron’s £20 million pledge for the industry earlier this year.