Thursday 27 September 2012

Scottish innovation fund for oil and gas

A £10 million fund has been announced by the Scottish Government to support innovation in the oil and gas industry.

Energy Minister Fergus Ewing invited applicants for the first round of the Innovation Fund, which will involve projects looking to improve the reliability of valuable resources in the sector. Projects funded under the scheme are expected to help offshore assets run effectively and safely in the future.

Mr Ewing said: “The awards made under this fund will help drive that innovation and preserve the vital infrastructure of the industry – the cables, pipes and platforms – to ensure they continue to operate safely and efficiently for the recovery of oil and gas reserves for decades to come.”

He added the funding is a key part of the Scottish Government’s oil and gas strategy published earlier this year to help with the growth of the industry.

Earlier this month, the UK Committee on Climate Change warned the UK Government about its plans for more investment in gas, which it said would breach the climate change rules.