ITF, the oil and gas industry technology facilitator, said yesterday Petrofac and Siemens had joined the other “high profile energy players” helping its work to tackle global challenges.
Neil Poxon, managing director at ITF, said the two new members would significantly boost the organisation’s international reach as it looks to secure £50million member investment in new joint industry projects by 2015.
He added: “Welcoming two of the world’s largest service companies is a great coup for ITF as they bring a wealth of knowledge and industry expertise which will further strengthen the resources available to us.
“Our growing international membership is absolutely crucial to funding some of the game-changing technologies that will secure hard to reach reserves and support exploration in new frontier regions.”
ITF members share funding and risk on bringing forward new solutions through joint industry projects (JIPs). Developers can secure up to 100% funding and retain full intellectual property rights.