NORWEGIAN oil giant Equinor has underlined its commitment to the North Sea as it backs efforts to help develop technologies that will boost the area’s competitiveness.
Equinor has become a strategic partner in the TechX accelerator programme which is designed to help entrepreneurs create viable businesses out of promising ideas.
Scots energy giants hit renewables obstacles
The programme was developed by the Oil and Gas Technology Centre (OGTC), which was established in 2016 with £180 million official backing amid the deep downturn in the North Sea triggered by the sharp fall in oil prices since 2014.
Participants get £25,000 seed funding and participate in a 16-week programme that includes mentoring from established players.
Equinor, which used to be called Statoil, decided to become a partner after being impressed by participants in the scheme.
Equinor starts production from giant Shetland oil field
The company said it would be working closely with the TechX team in line with its commitment to a be a long-term UK energy partner.
Equinor has invested heavily in the UK North Sea amid the challenges posed by the crude price plunge.
In August the company started production from the 300 million barrel Mariner field East of Shetland, which was discovered in 1981.
Equinor used a range of modern technologies to help it boost returns from a field that was long thought to be too difficult to develop economically. The company has noted the potential to make big finds off the UK.
Equinor has also said it plans to build a material offshore wind cluster in UK waters.
Some 21 companies working in areas such as seismic imaging and well surveillance have completed the TechX accelerator programme. This helped them secure around £3.8m funding in total. Three field trials of technology developed by participants have been completed with 17 more in the pipeline.
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