The Oil & Gas Technology Centre and ITF announce merger
The merger will focus and enhance the technology and innovation support for the UK oil and gas industry.
- Merger will focus and enhance technology and innovation support for industry
- Combined knowledge and expertise will create strong proposition
- Transaction is expected to complete in Q2 2018
The Oil & Gas Technology Centre and ITF – the Industry Technology Facilitator – have agreed to merge to focus and enhance the technology and innovation support for the UK oil and gas industry.
Established as part of the Aberdeen City Region Deal in February 2017, the Oil & Gas Technology Centre has co-invested £37 million with industry partners in almost 70 projects to accelerate the development and deployment of new technologies in the UK North Sea.
With almost 20 years’ experience facilitating technology development for the oil and gas industry, ITF has a strong track record of delivery working in partnership with operating companies and technology developers to bring new solutions to market.
Ongoing ITF projects, which includes a strong portfolio of subsurface technologies, will be integrated with the Oil & Gas Technology Centre’s solution centre programme. Existing ITF members will be closely involved in this process to ensure continuity and successful project execution.
The Oil & Gas Technology Centre, in dialogue with its members, the Technology Leadership Board and other relevant stakeholders, will consider industry demand for the creation of a subsurface solution centre later this year.
Teams from both organisations will work together to deliver a smooth transition over the coming months and the transaction is expected to complete in Q2 2018.
Dr Patrick O’Brien, Chief Executive of ITF said:
“I’m extraordinarily proud of what ITF has achieved in partnership with the industry and technology developers over the past 20 years. Our members have invested £80 million in over 220 joint industry projects, from early stage concepts to field trials and commercialisation.
“Our merger with the Oil & Gas Technology Centre is a positive move. It will focus the collective expertise of both organisations, providing the high-quality technology and innovation support the industry needs, under the Oil & Gas Technology Centre brand.”
Colette Cohen, Chief Executive Officer of the Oil & Gas Technology Centre said:
“ITF is a highly respected and successful organisation, with a long history of working with the industry to identify technology needs, foster innovation and facilitate the development and implementation of new technologies.
“Combining this knowledge and experience with the pace, funding and delivery of the Oil & Gas Technology Centre creates a strong proposition for the industry and a platform to harness the power of technology to unlock the full potential of the UK North Sea.
“Our immediate priority is to work with colleagues from ITF and its existing members, to deliver a smooth transition that sets us up for future success.”
On completion of the transaction, Dr Patrick O’Brien will step down from his role as Chief Executive of ITF.