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NEWS & INSIGHT | article

Project investment tops £12 million… and counting

05 September 2017
Just seven months since it opened, The Oil & Gas Technology Centre has approved investment of more than £12 million, in partnership with industry, to accelerate the development of technologies designed to transform the oil and gas industry in the North Sea.

New Members

New members include major operator, Maersk Oil, global engineering group, Lloyd’s Register, major service provider, Oceaneering International Services Limited, and subsea technology company, EC-OG.

Our 40 members are now working in partnership on projects to increase the pace of innovation. Our members help shape the Centre’s project portfolio and we also co-invest with many non-members on technology projects that support MER UK.

Opening of Unique Innovation Hub  

The construction of our unique Innovation Hub, at our Centre in the heart of Aberdeen, is almost complete. An exciting and engaging environment, the Hub combines state-of-the-art presentation and collaboration technologies to bring innovators together and inspire breakthrough solutions. The Hub will provide a showcase for new technologies, thinking and ideas from other industrial sectors.

More than 100 new ideas

More than 100 technology ideas have been generated through our ‘Call for Ideas’ competitions in well construction, small pools and asset integrity. With funding of up to £1 million available for the best technologies in each competition, our team is currently working with independent technical experts to assess all submissions and the winners will be announced later this year. 

Technology Accelerator Gears Up

Our Technology Accelerator – TechX – is gearing up to help smaller technology developers take their solutions to market. Our goal is to invest in 100 technology companies in the next decade offering expert mentoring, access to facilities and skills, field testing opportunities and funding with no equity or pay back required.. 

Colette Cohen, Chief Executive of the Oil & Gas Technology Centre said:

“Working with industry, we are delighted to have approved investment of more than £12 million in 21 individual projects since the Centre opened in February 2017. It’s exciting to be working with innovative technology developers who have solutions with the potential to transform the industry. 

“Our goal is to create a culture of innovation across the industry and the region, working with companies and universities to accelerate technology deployment. So, we’re delighted to have so many new members on board as their leadership and commitment is essential.”

Part of the Aberdeen City Deal, the Technology Centre received £180 million funding from the UK and Scottish Governments. It is a not-for-profit, research and knowledge company, which aims to unlock the full potential of the UK North Sea, anchor the supply chain in North-East Scotland, and create a culture of innovation that attracts industry and academia to the region.

Download the press announcement with supporting quotes.

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