Member Article

£1m SME funding for oil and gas projects

The Technology Strategy Board is seeking applications from SMEs, for projects that will stimulate innovation in the oil and gas sector.

£1m is available to invest in feasibility studies that will accelerate the development and deployment of new technologies.

The Board is asking for proposals that focus on the areas of increasing oil and gas recovery efficiencies, improving asset integrity and extending the life of offshore installations.

Solutions may be achieved through further development of existing technologies already in the sector; transfer of existing technologies from other sectors, such as ICT, power generation, sensors, advanced materials and manufacturing; and the application of novel or completely new technologies within the sector.

Preferable applications will be from SMEs partnering with larger organisations, already operating in the sector, or looking to do so, and those who are able to take concepts to market quickly.

Up to £75,000 is available for a single study, and successful projects should ultimately help to retain. anchor and develop the oil and gas supply chain in the UK to deliver sustainable jobs and economic growth in the long term.

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.

This was posted in Bdaily's Members' News section by Tom Keighley .