£10m fund for Scottish oil and gas sector may benefit contractors
Limited company contractors and freelancers with specialist skills may find themselves in demand, after it was announced that a fund has been set up in Scotland to support innovation in the Oil and Gas sector.
The £10 million investment in the Oil and Gas sector was a key component of the Scottish Government’s Oil and Gas strategy, developed in conjunction with industry and published earlier this year.
Projects funded under the scheme will help ensure offshore assets can continue to run effectively and safely in the future, through inspection, change management, and analysis of their future integrity.
Energy Minister, Fergus Ewing, said, “We know that Scotland’s oil and gas sector leads the world. With more than half of the value of the North Sea’s oil and gas reserves yet to be extracted, up to 24 billion recoverable barrels with a potential wholesale value of £1.5 trillion, oil and gas will remain an enormous economic resource for decades to come.
“This funding is a key component of that strategy, and meets a real need. We know that there is a great future in oil and gas, and the sector is no stranger to innovation, with the great strides the industry has taken helping to secure our place at the lead of the global industry.
David Rennie, director, Oil and Gas, Thermal Generation and CCS, Scottish Enterprise, said, “Scotland’s hugely successful oil & gas sector has a crucial role to play in our economic success and increasing and accelerating innovation in the industry, as highlighted in the industry led oil and gas strategy document published earlier this year, will be key to this.”