£1 million funding for oil and gas innovation

The Industry Technology Facilitator (ITF) and the Oil & Gas Innovation Centre (OGIC) have joined forces to fund and support the development of innovations that could reduce costs, raise production efficiency, and improve safety and environmental performance.

OGIC has made £1 million available to support companies with projects that require research and development to be undertaken at a Scottish university. OGIC can fund up to 70 per cent of these costs and ITF can potentially ‘top-up’ financial support if an innovative project engages the interest of its members.

Ben Foreman, ITF Technology Manager said: “This is an exciting opportunity for technology developers to progress their ideas from the desktop towards the marketplace. The oil and gas industry has undergone tremendous changes over the past few years and new technology is crucial to see it become more efficient, sustainable and safer in the future.

“Our recent technology showcase event challenged the oil and gas industry’s inherent ‘risk-averse’ culture and we now see a fresh focus and commitment to progress innovation. Financial support and knowledge from ITF, OGIC and Scottish universities are invaluable to push forward those solutions and put them to work for the benefit of the industry.”

Applications are invited for all types of innovation that will benefit the oil and gas industry. The developer can be of any size and from any country. Supported innovations must involve research and/or development works in a Scottish university.

Ian Phillips, Chief Executive of OGIC, added: “This collaboration with ITF offers developers an opportunity to access OGIC funding and the engagement of ITF industry members. Our complementary offerings will support the development of market relevant products and services.”