New oil technology on stream

Published on Monday 25 August 2008 21:45

AN INITIATIVE to boost investment in new technology for the oil and gas industry is expected to have launched 24 projects this year – a 50 per cent increase on 2007.

Industry Technology Facilitator (ITF), a not-for-profit body backed by industry heavyweights including BP, Shell and Chevron, said it had secured some 10 million in direct investment from its members.

The funding will be used to launch a string of joint industry projects in the North Sea.

ITF managing director Neil Poxon said there remained an "unparalleled" industry requirement for new technology as oil and gas resources become more costly to extract.

"In 2007, we launched six technology 'themes' and in 2008 we will launch a total of eight themes and have secured funding for the launch of 24 projects – this is a 50 per cent increase on the number of new technology projects launched in 2007 alone," Poxon said.

"Our continued growth and international success is down to our determination to take a lead role in technology development to meet the needs of our members and, in turn, the current demands of the global industry."

In the past 18 months, 14 new technologies have been implemented as a result of the ITF joint projects. The organisation has also signed 11 new members, taking its global membership to 21.

Poxon said that for every 1 invested in a project, up to 21 was generated in financial returns.