Thirteen small and medium-sized businesses are to share government funding of around GBP1m for feasibility studies that aim to accelerate the development and introduction of new technologies likely to enhance production and asset reliability within the oil and gas sector.

The grant funding has been awarded to the companies by the UK’s innovation agency, the Technology Strategy Board (www.innovateuk.org).

Iain Gray, the chief executive of the Technology Strategy Board, says: “Investment in innovation is important to help prolong the life of the UK’s hydrocarbon reservoirs and increase the global competitiveness of the UK oil and gas sector. Supporting SMEs capable of high growth, working with other companies in the oil and gas sector, will help to maximise UK assets, assist in sustaining a strong supply chain, and help in supplying global markets.”

The SMEs awarded the funding are: Cybula Ltd, Exilica Ltd, Geothermal Anywhere Ltd, Industrial Tomography Systems plc, LUX Innovate Ltd, M Squared Lasers Ltd (two projects), Paradigm Flow Services, Process Asset Integration and Management Ltd, Sciencesoft Ltd, Smart Component Technologies Ltd, Smart Reamer Drilling Systems Ltd, Transvac Systems Ltd and WFS Technologies Ltd.

The companies supported through this government investment have technologies that they believe could provide innovation and added value to the oil and gas sector, but they require technical feasibility studies to support their business case.