A £10 million fund has been set up in Scotland with the hope of increasing innovation in the country’s oil and gas industry.
The scheme forms part of the Scottish government’s Oil and Gas strategy, which was published earlier this year.
Energy minister Fergus Ewing said that the first stage of the fund is now open for applications and projects which are looking to improve “the integrity and reliability of assets in the oil and gas industry” will be given priority.
He added: “We know that Scotland’s oil and gas sector leads the world. With more than half of the value of the North Sea's oil and gas reserves yet to be extracted, up to 24 billion recoverable barrels with a potential wholesale value of £1.5 trillion, oil and gas will remain an enormous economic resource for decades to come.”
The fund is likely to lead to an increased call for limited company contractors with experience in the energy sector.