First Minister Nicola Sturgeon has announced a package of support will be available for oil and gas firms to compete on an international level.

It is understood Scottish Enterprise will provide £10 million to help firms reduce risks associated with carrying out research and development, as well as giving them access to specialist experts.

In addition, £2.5m will be provided to allow companies to implement 'targeted support' from senior industry experts.

The move coincides with a £12m Transition Training Fund announced today, 01 February for individuals affected by the downturn in the industry to be retrained into other energy industries.

With a further £379m of infrastructure investment also pledged, funding for the North East of the country has now topped £400m.

First Minister Sturgeon said: "Scottish oil and gas firms are at the forefront of the industry with an expertise that has been built up over many decades, but they need to continually innovate and evolve to ensure they can retain their competitiveness.

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"This is particularly important during the current downturn. It is imperative that the industry remains innovative and flexible in order to be in a position to capitalise on future oil price rises. But we know that some firms find it difficult to access the finance required to fund research and development projects, and at a difficult time such as this, the financial and operational risks in doing so can prove extremely challenging – especially to smaller firms.

"To help individual firms maintain their research and development during this difficult period, I am pleased to announce a further package of support. Scottish Enterprise is prioritising £10 million to reduce R&D risks and deliver specialist expertise to firms as they seek to take forward new projects.

"To add to that, an additional £2.5 million will help firms troubleshoot specific problems through access to industry experts carrying out business resilience reviews focused on strategic issues such as finance, market or operational matters."

Dr Lena Wilson, chief executive of Scottish Enterprise, added: "It is absolutely critical that we invest our efforts in the right areas to support those impacted today whilst laying foundations for a vibrant and sustainable industry in the future – that's exactly what these new measures aim to do."

(LM)