New OGTC Venture 'Very Likely' to Create Oil Jobs
The Oil & Gas Technology Center’s (OGTC) latest endeavor is ‘very likely’ to create new oil industry jobs in Aberdeen, North East Scotland and other regions across the UK over the next decade, an Aberdeenshire Council representative has suggested.
TechX, a technology accelerator for the oil and gas industry which the OGTC officially launched Dec. 7, aims to invest in more than 100 new start-ups and 200 SMEs over the next 10 years. The goal of the scheme is to help unlock the full potential of the UK continental shelf.
TechX is “focused on helping smaller, ambitious technology developers take their solutions to the oil and gas market faster,” TechX Director David Millar told Rigzone.
“Part of our funding and further incubator offering is designed to encourage these companies to make the North-East of Scotland their home. If they base themselves here and grow, the knock-on effect for jobs in the region could be positive,” he added.
The scheme is offering three funding programs to accelerate the development and deployment of new technology for the industry. These include a Pioneers program, a Market Entry program and a Ventures program.
Millar expects competition for these programs to be high and said the response from the industry has already been ‘encouraging’.
“We’re offering a new generation of entrepreneurs unrivaled funding and support to accelerate innovation, so we expect a high volume of applications and competition will be tough,” Millar said.
“The response from industry to date has been very encouraging. We held a series of events for potential mentors and partner organizations in October and the response was incredible, with almost 100 now signed up and ready to support,” he added.
Pioneers offers funding of up to $134,043 (GBP 100,000) for a full time, four-month program. This program is focused on startups with ‘game-changing technologies’ and provides access to ‘expert mentors, global partners and field trial opportunities,’ according to the OGTC’s website. Applications for Pioneers are currently open, with places confirmed in March 2018.
Market Entry is an ongoing program accepting applications at any time, which aims to accelerate market entry to the oil and gas industry for small and medium sized companies from all sectors. This program is said to offer fast track market validation and unrivaled access to end-use customers and facilities, as well as funding of up to $670,180 (GBP 500,000).
Ventures is a program tailored for new ideas which harness both ‘creativity and deep science thinking’. This offering is run in partnership with Deep Science Ventures in London.
Aberdeen City Region Deal
The OGTC is one of the main developments of the Aberdeen City Region Deal, which was set up to support the economic development of Aberdeen and Aberdeenshire.
Three months after the official deal signing in November last year, the OGTC was launched in February 2017. Within its first nine months of operation, the OGTC approved investment of more than $24.1 million (GBP 18 million) in partnership with industry, garnered 65 memberships and supported more than 30 projects.
Supported by funding from the deal, the OGTC opened an Innovation Hub earlier this year, which aims to bring oil and gas industry and technology providers together to experiment, challenge conventions and explore new ideas, according to the OGTC’s website.
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