Oil and Gas Technology Centre offers £1m prize-funding for new cost-saving well drilling ideas

Oil well drilling: Can you do it more cost-effectively?
Oil well drilling: Can you do it more cost-effectively?

Oil well construction methods have changed little since drilling started in the North Sea in the last century.

But now new technology and practices could reduce development costs, maximise economic recovery and minimise well-intervention.

This will allow mature, marginal or near-field reserves to be developed, helping to extend the life of existing infrastructure.

So that’s why the Oil & Gas Technology Centre yesterday launched its call for 10 new ideas – each of which comes attached with a £1 million funding

The first call to launch in 2018 focuses on significantly reducing the cost of well delivery, which could help unlock five billion barrels of oil and gas already discovered in North Sea.

Stephen Sheal, External Relationship Director at the Oil & Gas Technology Centre, said: “We’re looking for innovative ideas and concepts that we believe can help transform our industry.

“And we hope that 2018 sees an increased uptake in our Calls from other industries, such as nuclear, automotive and manufacturing, as we know that are significant opportunities out there for technology transfer.”

The Oil & Gas Technology Centre is a not-for-profit, industry-led, technology research and development organisation based in Aberdeen.

 

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