Two oil and gas innovation and research bodies are offering more than £1million to fully fund industry development projects with Scottish universities.
The Industry Technology Facilitator (ITF) and the Oil & Gas Innovation Centre (Ogic) have joined forces to help overcome the industry’s tendency to be “risk averse” and back projects that reduce costs, raise production efficiency, and improve safety and environmental performance in the oil and gas industry.
Typically, Aberdeen-based Ogic provides up to 50%-70% of the costs of the industry/university collaborations it backs.
The body has now revealed it has made £1million available to support up to 70% of the costs for companies with projects that require research and development. ITF, which is an industry-backed funding body, can then potentially “top-up” financial support if an innovative project engages the interest of its members.
Ben Foreman, ITF technology manager, said: “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 is 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 work 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.
“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.”
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