Businesses offered £1m for innovation in oil and gas

A £1 million fund is being provided to support companies that require oil and gas research and development (R&D) to be undertaken at a Scottish university. The Industry Technology Facilitator […]

Register now!

By Priyanka Shrestha

A £1 million fund is being provided to support companies that require oil and gas research and development (R&D) to be undertaken at a Scottish university.

The Industry Technology Facilitator (ITF) and the Oil & Gas Innovation Centre (OGIC) are providing the cash to support innovation that could reduce costs, raise production efficiency and improve safety and environmental performance in the industry.

OGIC will fund up to 70% of the costs of R&D and ITF will potentially “top up if a project engages the interest of its members”.

Developers from any country can apply for a share of the funding for projects that benefit the oil and gas industry.

ITF Technology Manager Ben Foreman said: “Successful applicants will benefit hugely from the top-quality research and development expertise on offer from Scottish universities and will be fully supported throughout its progression by OGIC, ITF and its members.

“This initiative should not only be seen as a call for proposals to the developer community but a call to action to the industry as a whole to embrace smart solutions and alleviate barriers to implementation.”

The closing date for applications is 30th April.

A recent report revealed the vast majority of oil and gas projects in the UK North Sea have been delayed and delivered overbudget in the last five years.