ITF Announces Plans for 2012 Technology Investment

January 2012

ITF, the global oil and gas technology facilitator, has announced the challenges that its membership of operator and service companies want to see tackled as priorities in 2012.

Up to 100% funding will be available for the right solutions to some of the industry’s most pressing challenges and ITF aims to secure around £50 million investment directly from its members over the next three years.

A series of workshops will be held in international locations throughout the year on the top global priorities including:

  • Unconventional reservoir characterisation
  • Heavy oil
  • Subsea (including subsea power, extra long tie-backs, produced water, separation and cleaning and replacement of valve actuators)
  • Down hole pressure and temperature monitoring

The first Technology Challenge Workshop on unconventional reservoir characterisation will take place in Aberdeen on 13 March where members will prepare a roadmap to define the issues ahead of a further workshop in Houston in June. A global call for proposals will then be issued inviting technology developers to submit their innovative solutions.

The organisation tasked with driving new technology solutions also revealed that it will be establishing membership clusters in the Middle East, Australia, US and Europe to focus on the unique regional challenges and bring forward more specific Joint Industry Projects (JIPs).

Neil Poxon, managing director of ITF said: “Members want to see game-changing technologies in a number of key areas and our workshop programme will kick off with unconventional reservoir characterisation which was voted as one of the top priorities. Our internationalisation strategy and establishment of four regional clusters means that we will also be targeting the issues that directly affect exploration and production in these areas with the issue of calls for proposals.”

A not-for -profit organisation, ITF is owned by its operator and service company members and has launched more than 180 JIPs from early stage projects through to field trials and commercialisation. ITF has set up bases in Abu Dhabi, Houston, Kuala Lumpur and Perth, Australia and aims to continue to grow international membership in 2012 and launch 25 JIPs across the regions.

Mr Poxon added: “ITF has been extremely successful in securing funding for JIPs and our membership is at its highest level. I would urge interested companies to come to us with their innovative technologies whether they are at the early concept stage or closer to commercialisation as there are opportunities to secure investment and also the buy-in of major operators, whilst retaining intellectual property.”

source: http://www.oil-itf.com

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