ITF, the oil and gas industry technology facilitator, said yesterday it had secured £4.2million of investment during the past year.
It added that the cash helped 16 new technology projects get off the ground, the second highest annual figure in its history.
Eight technologies were launched this year, with six field trials completed – a 20% increase on 2008 – and a further three in progress.
ITF said it also received 78 funding proposals during 2009, 42% of which were from new developers.
A further 28% were from overseas, which ITF said underlined the success of its drive to engage international developers.
Owned by 21 member companies, ITF was set up in 1999 by major oil and gas operators and the Department of Trade and Industry.
It has since become an internationally-recognised champion for innovation within the energy sector, acting as a conduit between technology developers and the industry.
During the past decade it has helped to deliver 146 new collaborative and revolutionary oilfield technology projects to the market, with funding of more than £40million.
More than 70 people attended the group’s recent annual meeting in Aberdeen, with some travelling from as far as Australia.
ITF is focusing on six key areas during 2010: tight/shale gas and coalbed methane; enhanced oil recovery; drilling efficiency; completion technology; produced-fluid management; and high-pressure/high-temperature production.
Managing director Neil Poxon said: “The international flavour of our growing membership combined with the diverse interests of each member company means we are addressing the most pressing global industry technology challenges.
“It has been an incredible year for ITF and we are confident we can build on this again during 2010.”