Aberdeen-based Enpro Subsea is investing £1.5 million in a new research and development project aimed at helping to improve production, by maximising economic recovery from existing subsea wells and in turn reduce costs for the operating companies.
Scotland accounts for around 14% of the global subsea market, comprising approximately 370 companies generating an estimated turnover of £7.5 billion.
Supported predominantly by the oil and gas sector, with the right investment and support, the world-renowned skills and knowledge developed in Scotland have the potential to extend into sectors such as construction and defence to truly maximise the significant opportunities for Scotland from this global market.
Increasing business innovation, research and testing infrastructure will also be a key factor of the plan’s success and will see Scotland’s economic development agencies continue to support high levels of subsea related investment in the future.
Ian Donald, Managing Director, Enpro Subsea Ltd, said: “This funding has given Enpro the confidence to continue our product development for local and export markets. This assistance from Scottish Enterprise will enable Enpro to develop the next generation of subsea enhanced production intervention equipment to increase oil recovery and address emerging markets in deeper waters.”
The news came as Scottish Enterprise revealed its latest Subsea Engineering Action Plan with the aim of capturing an even bigger slice of the current £50 billion global subsea market. Scottish Government Minister for Business, Innovation and Energy, Paul Wheelhouse, visited oil and gas firm, Enpro Subsea Ltd to announce its new £1.5 million investment to support innovation, a key theme of the plan.
Scottish Enterprise’s offer of a £755,000 R&D grant towards the project costs will help the company design, develop and test new technology adding to its Enhanced Subsea Sampling and Injection (ESSI) range of products.
Scottish Energy Minister Paul Wheelhouse, said: “The plan launched today aims for the Scottish supply chain to capture an even larger slice of the global subsea market through this and to see a stronger supply chain, generating even more jobs and economic growth for Scotland and, crucially, to increase the strength and capability of the industry.”
Pixie Energy is an incubator and a facilitator of strategic research and project work, focusing on energy regulation, policy and markets at the local and national level. Find out more about Pixie Energy