Looking for funding for that innovative new product or technique that could benefit the oil and gas industry? Aberdeen, U.K.-based Industry Technology Facilitator (ITF) and the Oil & Gas Innovation Center (OGIC) have it.

The two organizations announced they are working together to encourage innovation in the sector, with OGIC ponying up £1 million (US$1.3 million) in funding to help companies with their technological pursuits. But the R&D work must be carried out at a Scottish university.

“OGIC can fund up to 70% of these costs and ITF can potentially ‘top-up’ financial support if an innovative project engages the interest of its members,” stated a news release announcing the funding. “Accessing Scottish university capability and industry expertise will help developers get their innovations closer to market.”

Technology has become an integral part of the industry’s ability to survive during tough times by improving operations and efficiency. But technology has also been—and will continue to be—the water that helps the industry to thrive both in good times and bad.

The organizations aren’t limiting the pool of potential applicants to Scotland. Developers from any country and of any size are invited to apply. But funding support will go only to innovations involving R&D work in a Sottish university.

“Successful applicants will benefit hugely from the top quality research and development expertise on offer from Scottish universities and will be fully supported throughout its progression by OGIC, ITF and its members,” OGIC CEO Ian Phillips said in the release. “This initiative should not only be seen as a call for proposals to the developer community but a call to action to the industry as a whole to embrace smart solutions and alleviate barriers to implementation.”

ITF Technology Manager Ben Foreman called the offer “an exciting opportunity for technology developers to progress their ideas from the desktop towards the marketplace.”

As explained by ITF, here are additional details:

  • The call is open to any type of technology or innovation that may benefit the oil and gas industry; and
  • Funding must be used for R&D work conducted on the applicant’s behalf in a Scottish university.

It’s also important to note that OGIC’s contribution—which has a cap of £250,000 per project—has further limitations that vary depending on the size of the company applying for funds. The funding percentage is 50% for large companies, 60% for medium companies and 70% for small companies.

“The smallest project must require at least £20,000 of OGIC funding,” according to details listed on ITF’s website, which also noted ITF’s contribution is in addition to OGIC’s.

The application deadline is April 30. For more information, visit ITF’s website.

Velda Addison can be reached at vaddison@hartenergy.com.