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Oil and gas innovators encouraged to seize funding opportunity

Oil & Gas UK welcomed a new initiative to spur innovation in the UK's offshore oil and gas sector.

The Oil & Gas Technology Centre launched TechX - a technology accelerator and incubator which aims to boost the UK’s offshore oil and gas industry through supporting 100 start-ups and 200 SMEs to take their product to market faster.

Commenting, Oil & Gas UK's Chief Executive Deirdre Michie said:

“The basin’s complexity and stage of development present their own particular technology challenges so this is the right practical support the industry needs to help maximise the recovery of the UK’s offshore oil and gas resources.

“With significant estimated oil and gas volumes still to recover in the UK, there will be prizes for the trailblazers who can bring innovation and efficiency to the basin – and ultimately the opportunity to showcase supply chain talent and potential overseas, and I would urge anyone sitting with a good idea in their back pocket to apply."