BP is to fund a new $4million research project with the University of Texas to support the next generation of deepwater oil and gas exploration.
The collaboration will see the British oil major link up with the Austin-based university to support a number of pioneering oil and gas research projects.
Among the initial schemes being supported are ones to look at new technologies to access deepwater areas not currently open to existing extraction methods, along with a look at fracking fluid to look at how to improve oil and gas recovery.
“This is not just theoretical research,” said BP’s reservoir development chief operating officer James Dupree.
“Under this partnership, we are tackling real-world challenges that, if better understood, could have far-reaching impacts not only on BP but on the future of global energy development.”
An initial $4million is being made available for research projects, although that sum could be increased if a long-term partnership.
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