Scotland provides £12.5m for oil and gas innovation

The Scottish Government has announced a further £12.5 million support package for the oil and gas industry in the North East. The funding is expected to help oil and gas […]

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By Priyanka Shrestha

The Scottish Government has announced a further £12.5 million support package for the oil and gas industry in the North East.

The funding is expected to help oil and gas companies sustain growth and compete internationally by developing innovative technologies.

It follows Prime Minister David Cameron’s £20 million pledge last week.

The latest support includes £10 million of Scottish Enterprise funding to help firms reduce risks associated with carrying out research and development as well as giving them access to specialist experts who will help kick-start innovative projects.

The rest of the funding will allow firms “to implement targeted support from senior industry experts to troubleshoot problems through bespoke business resilience reviews focused on strategic, financial, operational or market issues”.

An extensive research project to analyse and understand the extent of gaps in the availability of finance for the oil and gas industry has also started.

Scottish First Minister Nicola Sturgeon said: “It is imperative that the industry remains innovative and flexible in order to be in a position to capitalise on future oil price rises.

“We know that some firms find it difficult to access the finance required to fund research and development projects and at a difficult time such as this, the financial and operational risks in doing so can prove extremely challenging – especially to smaller firms.”