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UK government £1m innovation winners announced

Friday, October 12, 2012

The recipients of the UK government's £1m funding "to help oil and gas sector to innovate" have been announced.

The money was made available for small to medium sized businesses, for putting together feasibility studies which should "aim to accelerate the development and introduction of new technologies likely to enhance production and asset reliability within the oil and gas sector."

The funding has gone to Cybula Ltd, Exilica Ltd, Geothermal Anywhere Ltd, Industrial Tomography Systems plc, LUX Innovate Ltd, M Squared Lasers Ltd (2 projects), Paradigm Flow Services, Process Asset Integration and Management Ltd, Sciencesoft Ltd, Smart Component Technologies Ltd, Smart Reamer Drilling Systems Ltd, Transvac Systems Ltd and WFS Technologies Ltd.

The idea is that the money will pay for a feasibility study for the various technologies, which will help develop the business case, which can then be used to seek broader funding.

The grant award was made by the UK's innovation agency, the Technology Strategy Board.

'Investment in innovation is important to help prolong the life of the UK's hydrocarbon reservoirs and increase the global competitiveness of the UK oil and gas sector," said Iain Gray, Chief Executive of the Technology Strategy Board.

"Supporting SMEs capable of high growth, working with other companies in the oil and gas sector, will help to maximise UK assets, assist in sustaining a strong supply chain, and help in supplying global markets.'

New technologies included are:

High efficiency separation of oil and water;
Monitoring produced water for reinjection
Remote sensing of offshore asset integrity and leak detection
Imaging technology for surveillance of offshore oil and gas assets;
Smart fasteners and intelligent valves;
Boosting chemical enhanced oil recovery efficiency using advanced slow release micro-particle technology.

Associated Companies
» Technology Strategy Board
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