Applications have been invited for funding from £10m being put up by the Scottish government to support the Oil and Gas sector.

Increasing investment in the sector was a key component of the Scottish Government’s Oil and Gas strategy, published earlier this year.

Energy Minister Fergus Ewing today announced the fund is now open.

Projects funded under the scheme are intended to ensure offshore assets can “continue to run effectively and safely in the future, through inspection, change management, and analysis of their future integrity”, a statement from the government said.

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Energy Minister Fergus Ewing said:

"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.

"We know that there is a great future in oil and gas, and the sector is no stranger to innovation, with the great strides the industry has taken helping to secure our place at the lead of the global industry."

David Rennie, director, Oil and Gas, Thermal Generation and CCS, Scottish Enterprise said: "To ensure we capitalise effectively on the future potential we know exists in Scotland’s oil fields it’s vitally important that our assets are secure for the future. This call will help to foster innovation and provide funding for ideas to help bring them to market more quickly."

(IT)