Shell has announced its plans to invest “several hundred million dollars” in emerging technology firms and benefit from the new innovations.

The Netherlands-based firm’s corporate arm, Shell Technology Ventures, will make investments over the next six to eight years in companies that range from smarter exploration processes to enhanced extraction techniques. It then plans to deploy the new technologies in it businesses and add value to its operations.

Partners will be given access to Shell’s technical experts, its global research capability and its customer, supplier and contractor base.

Gerald Schotman, Executive Vice President Innovation, R&D and Shell Chief Technology Officer said: “Ideas from outside the organisation are critical to our open innovation approach to R&D (Research & Development). We want to enable the brightest and the best to develop their ideas and benefit from Shell’s expertise and global reach so that we can get these technologies up and running in our projects as fast as we can.”

Shell is seeking to invest in areas including gas production and conversion, chemical manufacturing and conversion, enhanced oil recovery and water treatment. It is also planning to make investments in various aspects of information technology, oil and gas wells drilling, production in challenging environments and future energy technologies. The company claims it spent more than $1.3 billion (£0.9bn) on research and development in 2012.