A ‘Dragon’s Den’ panel of oil industry experts has selected the winners in the first investment pitch to be held by the Oil & Gas Technology Centre.
Twelve bids from commercial organisations, academic institutions and independent technology developers, presented to the OGTC panel, who chose four technology ideas aimed at transforming the plug-and-abandon part of decommissioning redundant oil wells.
There is £1 million of funding available for the ideas and a final investment decision will be made by the OGTC Board in December.
The ‘Dragons’ comprised members of the Centre, including Chevron, Lloyd’s Register, Nexen and Total, as well as representatives for Decom North Sea and Oil & Gas UK, and the Centre’s Well Construction team.
Malcolm Banks, Well Construction Solution Centre Manager at the Oil & Gas Technology Centre, said: “We held a workshop with operators and tier ones in February to determine the themes, so it was important that industry has helped make the final decision.
“The technology ideas could have a transformational impact on the industry and exceeded all our expectations.
“Our next call will cover well systems, seabed pressure isolation and new ways to stimulate well flow.”
The OGTC is a not-for-profit, industry-led, technology research and development organisation based in Aberdeen. It shares very similar aims with a plethora of similar oil and gas industry innovation and research bodies – such as the Oil and Gas Innovation Centre (OGIC) and the ITF – as well as with the trade associations, the universities and central and local government.
27 Oct 2017