Oil industry searches for big brains

Oil companies are offering funding for new technology solutions and well interventions. The Industry Technology Facilitator, an organisation owned by 25 major global operators and service companies, is offering large […]

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By Tom Gibson

Oil companies are offering funding for new technology solutions and well interventions. The Industry Technology Facilitator, an organisation owned by 25 major global operators and service companies, is offering large funding projects to successful applicants.

Neil Poxon, Managing Director of ITF said: “Finding new and innovative ways of drilling is a top priority of research and development for oil and gas operators around the world. Improving efficiencies in this area is crucial for the industry as it faces increasingly testing frontiers of exploration.

“Similarly, with sustained high oil prices, more marginal wells are proving to be economically viable so novel technologies are required to increase oil recovery through various forms of intervention.”

By submitting their proposals to ITF technology developers will have their ideas to be reviewed by major oil and gas players and could also secure funding whilst retaining full intellectual property rights.

Mr Poxon added: “I would urge interested companies developing new subsea technologies to get in touch as our members are currently very interested in funding new projects in this field. We work right across the oil and gas spectrum from subsurface to production, drilling and wells and are constantly on the search for new technologies that address our members’ priorities. Our door is always open to novel ideas.”

The deadlines for the well intervention and subsea technologies proposals are 13 October 2011, and 4 November 2011 for proposals in response to the drilling call.