ITF, the oil and gas Industry Technology Facilitator, today announced that Kuwait Oil Company has signed up to the global funding programme of choice, bringing its membership to its highest level of 25 organisations.
Kuwait Oil Company (KOC) will join other high profile operators in supporting international technology development through the successful ITF model and is the second Middle East member following Aramco Services Company (ASC), the US based subsidiary of Saudi Aramco.
Speaking ahead of ADIPEC, the oil and gas conference taking place in Abu Dhabi from 1st – 4th November where ITF is exhibiting, Neil Poxon, Managing Director of ITF welcomed KOC.
He said: “This is an important signing for us and we look forward to further developing new technologies that will play an important role in locating and extracting reserves from the Middle East region. We have already successfully launched more than 150 joint industry projects, providing creative solutions to some of the major challenges that the sector faces.”
The technologies that have been facilitated by ITF have been brought forward using the organisation’s unique collaborative funding model, meaning that the members’ investment costs are more widely dispersed.
As one of the largest oil companies in the world, KOC has been described as the “backbone” of the Kuwaiti economy. Its activities extend across exploration operations, on-shore and off-shore surveys, drilling of test wells, and development of producing fields in addition to crude and natural gas exploration.
Dr. Adel Al-Abassi, Manager of Research and Technology at KOC said: “Our attraction to the ITF model is underpinned by the real results we are seeing in oilfields across the globe from technology that has been delivered through projects jointly funded by ITF members. We are committed to innovation and look forward to increasing our engagement with technology developers and other ITF members to champion groundbreaking, technology solutions that can benefit the entire industry.”
To date ITF has successfully brought 151 new technologies to market through joint industry projects, securing more than £50 million of member investment through its funding programme.
In 2010 ITF is addressing the following industry issues.
- EOR technologies
- Tight and shale gas and coal bed methane
- Drilling efficiency
- Completions technology
- Produced fluids management
- HP/HT production
Notes to editors
ITF will be exhibiting on the UK Pavilion, Hall 9, Stand no 09005E
ITF’s membership is made up of the following companies:
- Aramco Services Company
- BG Group
- DONG Energy
- GE Oil and Gas
- Maersk Oil
- Tullow Oil
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