Energy risk reduction is worth a venture of £3.2m investment

A VENTURE capital group has invested £3.2 million in a software company which develops products to help reduce risk and improve returns for oil and gas companies.

Foster Findlay Associates (FFA), which has a sales and service operation based in Aberdeen, said the investment by Energy Ventures would increase its workforce by 60 per cent to more than 50 in the coming year.

FFA has developed seismic analysis tools which make it easier to identify the location of oil to reduce drilling risk, increase exploration success and improve production. The funding will be used to roll out a new generation of analysis tools, to double the company's research and development team and to expand its global sales and support division.

FFA, which also has offices in Newcastle, London and Houston and currently employs 31, works with more than 100 oil and gas companies.

Managing director Jonathan Henderson, said: "We have some very exciting products in development and this investment will help us to roll them out as quickly as possible and at the same time significantly increase our sales and customer support network.

"We have enjoyed 40 per cent growth in turnover in the last year and demand for our technology is increasing rapidly."

Greg Herrera, a partner in Energy Venture's Aberdeen office, said the global oil and gas industry was increasingly using 3D seismic surveying and data analysis to lower exploration risk and increase productivity from wells.