Raptor Oil, a Scottish pre-revenue start-up company is to invest £1.5 million on a new research and development (R&D) project to help boost performance in the oil and gas sector.
The project is the first to receive funding through the new Seek & Solve innovation funding programme launched in June 2014 with Statoil Technology Invest to help drive greater collaboration and innovation between large multinational companies and SMEs operating in the supply chain.
This new technology has attracted the interests of global oil and gas companies Conoco and Statoil, both of which provided funding. Statoil more recently supported the company during a second proof of concept phase and is providing a second round of funding towards the research and design phase. This will bring Statoil’s total funding contribution to £850,000.
Scottish Energy Minister Fergus Ewing said: “Scotland is blessed with many strengths in research and development and I believe it is key to maximising economic recovery from the UKCS.
“Our £400,000 grant funding, together with £1.1 million of funding from the private sector, will support this 17 month project aimed at significantly improving the performance and reliability of existing oil and gas sensory systems.
“This new funding will enable the company to refine and test its product design and performance by replicating real life conditions.
“Innovation is critical if we are to maximise recovery of the remaining reserves in the North Sea and this project demonstrates the Scottish Government’s commitment to a sustainable and certain future for the oil and gas sector. I am confident this scheme will deliver in Scotland just as successfully as it has in Norway.”
Gordon Cowie, Chief Executive, Raptor Oil Ltd, said: “Following two successful proof of concept phases we aim to move into the industrial R&D phase by replicating real life conditions at our purpose built test site in Aberdeen to research and refine our technology.
“We believe this is a key step in advancing our potentially ground breaking technology to a technology with end user validation and test data evidence derived from simulated and real well environments.”
Richard Erskine, Head of Statoil Technology Invest, said: “We believe wireless telemetry has the potential to revolutionise in-well communication and we are delighted to be cooperating with Scottish Enterprise in funding this technology development.
“Hopefully Raptor is only the first of many such funding opportunities we will cooperate on as we continue to hunt for good ideas across Scotland.”