ITF Welcomes Announcement on UK Government’s Strategy for O&G Industry

ITF, the global technology facilitator, welcomes the announcement on the UK government’s strategy for the oil and gas industry.

Chairman Max Rowe said: “We welcome the development and delivery of a single strategy that agrees the priority technology needs and identifies the vital innovations that will enable the UK to maintain its global reputation for innovation, whilst supporting local technology companies and the economy.

“Collaboration and investment in technology development and deployment is key to enhancing the UK oil and gas industry. ITF’s commitment to the success of the UK remains strong through on-going work with our members and the wider industry. Currently, 90% of our running projects, linked to more than £12 million direct member funding, are made up of either UK innovators or projects which have a direct impact on the UK. Not only do we need to collaborate with our peers in the UK, but learning from other regions provides insight into how the UK oil and gas industry can, in particular, accelerate technology implementation, which is vital for the sustainability of the industry.

“In order to achieve the goals set out in today’s announcement, it is vital that industry and government work closer together. ITF is well positioned to play a pivotal role in this process alongside Oil & Gas UK, and we look forward to the establishment of a strategy that will secure the longevity of the UKCS.”

ITF, the technology facilitator for the global oil and gas industry, is a not-for-profit organisation owned by 30 international oil and gas operator and service companies. It is the only global collaborative R&D funding programme operating across continents. Since its formation in 1999, the organisation has facilitated the launch of more than 200 joint industry projects (JIPs) from early stage projects through to field trials and commercialisation. It aims to secure a further £50 million for technologies by 2015.

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Press Release, April 23, 2013