This compares to a total value of £14.5 million of projects during the previous year.
The figures exceed a commitment by the Scottish Government to provide £10 million to support higher levels of innovation activity within the industry to ensure its long term sustainability.
Companies have used the fund for a range of innovation projects, including the development of new technology to improve efficiency and to contribute to a new subsea Centre of Excellence.
Examples of companies supported to innovate during 2016-17 include:
- TÜV SÜD, which is delivering a new £16 million Centre of Excellence for subsea development in East Kilbride
- Aberdeen based Enpro Subsea which is spending £1.5 million to design, develop and test new technology to enhance its range of products, and
- ZiLift Ltd which has brought its £1.1 million innovation project forward by two years.
Speaking at an industry conference in Aberdeen, Scottish First Minister Nicola Sturgeon, said: “Innovation is absolutely crucial to the sector for maximising economic recovery, reducing costs without compromising safety, and for enabling our supply chain to continue to win new business overseas.
“Ultimately, it is key to ensuring the sustainability of the North Sea oil and gas industry for the future.
“The leaders of innovation will always be oil and gas companies themselves. However there is an important role for government, working in partnership with business.
“That’s why the Scottish Government has already committed £10 million to support higher levels of innovation activity within the industry to ensure its international competitiveness, alongside an additional £90 million over the next 10 years to develop our oil and gas technology centre and a recently-announced £5 million Decommissioning Challenge Fund.
“These measures, alongside continued support from this government, will ensure that the industry will continue to deliver benefits for decades to come.”