03 October 2019
Sciencesoft receives £670k grant to stimulate growth in simulation software for oil and gas industry
Glasgow-based Sciencesoft creates reservoir simulation software solutions and has been awarded £670,000 of SMART:SCOTLAND grants from Scottish Enterprise towards the development of new tools to support clients in the oil and gas industry.
Sciencesoft’s decision to invest in research when many within the industry scaled back has paid off and allowed the company to create two new R&D roles at its base in Govan taking the team to 25.
The software firm received an initial research and development grant in 2015 to build a tool called MetEOR which assists engineers by simulating complex chemical enhanced oil recovery (CEOR) activities on a large scale.
CEOR is an advanced process that injects chemical compounds into a reservoir to increase recovery rates and maximise production - prolonging an asset’s cost viability.
MetEOR provides quicker results enabling projects to go from lab test to full field simulation using one tool instead of several as happens currently.
Scottish Enterprise appraisal team leader, Dr Wendy Hanson, said: “The retention and diversification of talent in Scotland’s energy industry is key, especially when we have seen a decline in this market in recent years.
“It is commendable to see Sciencesoft invest in developing software that has wider economic benefits not only in Glasgow but across Scotland and globally.
“This unique technology, developed in Scotland, will be used across the world by companies to prolong assets, improve recovery rates and provide a boost to the energy industry.”
Sciencesoft Director of Research & Development, Dr Lindsay Wood, said: “We were growing steadily until the oil and gas industry faced difficulties a few years ago and the grant ensured that we were able to continue to develop our products and retain talented staff.
“In retrospect it was a good decision as with Scottish Enterprise support we invested in new products and we are now seeing the benefits through pilot studies and expansion.
“This support from Scottish Enterprise will enable us to develop new software algorithms to advance the reservoir simulation software whilst maintaining the high level of accuracy required and we are testing this with key customers.”
Follow us on Twitter at http://twitter.com/scotent and http://twitter.com/ScotEntNews
Follow us on LinkedIn at https://www.linkedin.com/company/scottish-enterprise/