Top Priority Oil & Gas Investments
The top priorities for oil and gas technology investment in 2012 were agreed at an international gathering of ITF members in Aberdeen. More than 80 senior oil and gas figures travelled accross the world and accross Europe for the Annual Technology Conference (ATC) to debate and agree on the issues that they want to see tackled next year. Neil Poxon (picture), managing director of ITF, said the findings would be of huge interest to technology companies and universities.
The challenge is now for those companies and universities to come forward with the groundbreaking solutions that address these industry-wide issues. Approximately GPB 9 million is expected to be invested in ITF’s joint industry projects (JIPs) next year.
Growing Priority
Mr Poxon said: “A high number of innovative technologies have been implemented into the field as a direct result of ITF members collaborating on funding and we want to see even more industry projects launched next year. The clear message to come from our operator members is that funding new technology is a growing priority as reserves are harder to secure and new frontiers are being developed.”
This presents a major opportunity for any company inventing new technologies to receive up to 100% funding whilst retaining their intellectual property rights. “Our global technology challenges also contribute to the wider interests of the oil and gas industry by highlighting the needs and ambitions of the sector to potential employees as well as encouraging the next generation of talent.”
Key Points
Discussions at the ATC identified strong support for five key priorities to be taken forward by ITF in 2012, these include:
- Unconventional Reservoir Characterisation
- Unconventional Tight Gas Productivity Stimulation
- Subsea Power
- Subsea Produced Water Separation Clean Up for Re-Injection or Disposal Direct to the Ocean
- Nanotechnology for Maximising Recovery
Other key challenges also identified include: High Temperature High Pressure (HTHP) electronics and downhole Pressure and Temperature (P+T) monitoring.
Common Issues
Azuddin Zaid, manager of future positioning and technology strategy at Petronas, said: “By attending the ATC we realised that what we regarded to be unique challenges for us are common issues throughout the industry and it gives the opportunity for oil and gas companies to come together to find a solution.
“ITF brings together national and international oil companies as well as service companies and research institutions in a single forum to discuss issues and reach a common good. Technology development is crucial to us to improve the way things are done in terms of efficiency, increasing production – which is the ultimate goal of any oil company – and reduced costs to continue operations at an acceptable level.”