ABERDEEN, UK – Global oil and gas companies have funded two joint industry projects (JIPs) through the Industry Technology Facilitator (ITF).
The Fullwave Gamechanger research project has been extended for a further phase with a consortium of 15 major oil and gas operator and service companies collaborating with Imperial College London. The Phase II investment of more than £2.5 million ($3.8 million) brings the total funding over the last nine years to £7.5 million ($11.4 million).
Fullwave Gamechanger Phase II aims to advance seismic imaging to enhanced prospect evaluation and reservoir exploitation. The new phase builds on the work carried out on the technique of full-wavefield inversion.
ITF members have also funded a new £1.9-million ($2.89-million) JIP to improve tropical cyclone forecasting for northern Australia to mitigate costly disruptions to operations. ITF has led the collaboration to secure funding for the two-year project which will be carried out by the Australian Bureau of Meteorology. It is the highest funded Phase 1 JIP that ITF has launched to date.
Dr. Patrick O’Brien, CEO of ITF, said: “The two new joint industry projects with Imperial College London and the Australian Bureau of Meteorology are prime examples of effective collaboration by the industry to propel solutions to costly challenges. By sharing the costs associated with new technologies the industry can work together to maximize production and reduce risks, which is crucial in the current climate.”