Final call for first round of Oil & Gas innovation funding

Increasing investment in the sector was a key component of the industry led Oil & Gas strategy, developed in conjunction with industry and published earlier this year.

The first funding call, which was announced in September, is for projects looking at improving the integrity and reliability of assets in the oil and gas industry.

Projects funded under the scheme will help ensure offshore assets can continue to run effectively and safely in the future, through inspection, change management, and analysis of their future integrity.

The call is being managed by Scottish Enterprise, through its innovation funds, in partnership with Highlands and Islands Enterprise and the Industry Technology Facilitator (ITF) who will engage with industry to prioritise areas for innovation.

It’s the first of a series of calls for bids under the funding, which will be made over the next three years, and more funding may be available for significant projects.

Energy Minister Fergus Ewing said:

“We know that Scotland’s oil and gas sector leads the world. With more than half of the value of the North Sea's oil and gas reserves yet to be extracted, up to 24 billion recoverable barrels with a potential wholesale value of £1.5 trillion, oil and gas will remain an enormous economic resource for decades to come.

“The industry led Scottish Oil and Gas strategy, developed in conjunction with the Scottish Government, Scottish Enterprise and other agencies, and launched earlier this year, lays out a plan to help the industry go from strength to strength.

“This funding is a key component of that strategy, and meets a real need.

“We know that there is a great future in oil and gas, and the sector is no stranger to innovation, with the great strides the industry has taken helping to secure our place at the lead of the global industry.

“The awards made under this fund will help drive that innovation and preserve the vital infrastructure of the industry - the cables, pipes and platforms - to ensure they continue to operate safely and efficiently for the recovery of oil and gas reserves for decades to come.”

David Rennie director of Oil and Gas at Scottish Enterprise said:

“As highlighted in the industry oil & gas strategy, accelerating and increasing innovation is crucial if the industry is to continue to play its significant role in Scotland’s economic success.

“Many of our assets in the North Sea are already – or are close to – operating beyond their original design life and it’s vitally important that our assets are secure for the future. This call will help to foster innovation and provide funding for ideas to help bring them to market more quickly.

“We have already received a number of applications but we are keen to remind the industry of the call and to ensure that any possible applications be received before the closing date of Thursday 16h November.”