ITF Announces 2012 Investment Plans

ITF, a global oil and gas technology facilitator, announced the challenges that its membership of operator and service companies want to see tackled as priorities in 2012. Up to 100% funding will be available for the right solutions to some of the industry’s most pressing challenges and ITF aims to secure around £50 million investment directly from its members over the next three years.

A series of workshops will be held in international locations throughout the year on the top global priorities including subsea which will look at:

- Subsea power

- Extra long tie-backs

- Produced water

- Separation and cleaning

- Replacement of valve actuators

A Subsea Technology Challenge Workshop will take place in Aberdeen on September 6, 2012, which will aim to drill down further into the issues and develop a roadmap to allow focus on the key subsea gaps that can be tackled collaboratively. Neil Poxon, managing director of ITF said: “We had an excellent response to the subsea call for proposals issued at the tail end of 2011 with more than 40 innovative technology applications received. These are out for review with our members, and we are looking to secure funding for those ideas which address the needs of the industry within the forthcoming weeks.”

The organization tasked with driving new technology solutions is establishing membership clusters in the Middle East, Australia, US and Europe to focus on the unique regional challenges and bring forward more specific joint industry projects (JIPs).