Scottish oil and gas tech start-up wins £1.5m

An Aberdeen-based start-up company has won funding worth £1.5 million to develop new technology for the oil and gas industry. Raptor Oil will use the funding – £400,000 from the […]

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By Priyanka Shrestha

An Aberdeen-based start-up company has won funding worth £1.5 million to develop new technology for the oil and gas industry.

Raptor Oil will use the funding – £400,000 from the Scottish Enterprise and the rest from the private sector – to develop a wireless data communication tool for use in wells.

The 17-month research and development project is aimed at improving the performance and reliability of existing oil and gas sensory systems.

The project is the first to receive support through the new Seek & Solve innovation funding programme launched in June last year with Statoil Technology.

Scottish Energy Minister Fergus Ewing said: “This new funding will enable the company to refine and test its product design and performance by replicating real life conditions.

“Innovation is critical if we are to maximise recovery of the remaining reserves in the North Sea and this project demonstrates the Scottish Government’s commitment to a sustainable and certain future for the oil and gas sector.”