Technology Street
Find out how ITF is facilitating innovation & technology developments in the global oil, gas and energy industry.
Technology Strategy Board to invest up to £1 million in oil and gas innovation
The Technology Strategy Board is to invest up to £1 million in feasibility studies, to be led by SMEs, which will stimulate innovation in the oil and gas sector and accelerate the development and deployment of new technologies.Proposals for the studies should focus on the areas of increasing oil and gas recovery efficiencies, improving asset integrity and extending the life of offshore installations. This may be achieved through:
- the further development of existing technologies already in the sector;
- the transfer of existing technologies from other sectors, such as ICT, power generation, sensors, advanced materials and manufacturing;
- the application of novel or completely new technologies within the sector.
The Technology Strategy Board is seeking applications led by SMEs, preferably partnering with larger organisations already operating in the sector (or looking to do so) and who are able to take concepts to market quickly. Up to £1 million will be made available and the maximum grant award for any single study will be £75,000.
Successful projects should, ultimately, help retain, anchor and develop the oil and gas supply chain in the UK to deliver sustainable jobs and economic growth in the long term, against increasing competition from other regions. It is expected that projects will, through further development, be able to deliver cost reduction and efficiency improvements while contributing to environmental sustainability in the sector.
The Developing Innovation in the Oil and Gas Sector competition opens on 25 June 2012 and the deadline for registration is 1 August 2012. Applications must then be submitted by 8 August 2012. For further information please visit: Oil and Gas Competition.