Partner Article

£1m for oil and gas innovation

The Government will distribute £1m between thirteen SMEs in order to innovate in the oil and gas sector.

The funding will support feasibility studies that aim to drive the development and introduction of new technologies to enhance production and reliability in the oil and gas industires.

It will be administered by the Technology Strategy Board, and Board chief executive Iain Gray, said: “Investment in innovation is important to help prolong the life of the UK’s hydrocarbon reservoirs and increase the global competitiveness of the UK oil and gas sector.

“Supporting SMEs capable of high growth, working with other companies in the oil and gas sector, will help to maximise UK assets, assist in sustaining a strong supply chain, and help in supplying global markets.”

Feasibility studies will look at innovations for high efficiency in oil and water; disruptive remote sensing technology for offshore asset integrity and leak detection; imaging for surveillance of offshore oil and gas assets; and technology for oil recovery efficiency.

It is hoped that successful studies will help to anchor and develop the oil and gas supply chain in the UK to deliver sustainable jobs and long-term growth.

The SMEs involved are Cybula Ltd, Exilica Ltd, Geothermal Anywhere Ltd, Industrial Tomography Systems plc, LUX Innovate Ltd, M Squared Lasers Ltd (2 projects), Paradigm Flow Services, Process Asset Integration and Management Ltd, Sciencesoft Ltd, Smart Component Technologies Ltd, Smart Reamer Drilling Systems Ltd, Transvac Systems Ltd and WFS Technologies Ltd.

This was posted in Bdaily's Members' News section by Tom Keighley .