The UK government’s pledge to fund research and development confirmed in the Autumn statement was welcomed as a boost to the North Sea’s hopes of becoming a leader in global innovation.
The Scotland Office outlined that Chancellor Philip Hammond’s decision to increase investment in research and development (R&D) by £2billion a year by 2020-2, which “should benefit Scotland’s thriving universities and research and innovation centres”, it said.
Colette Cohen, chief executive of the Oil & Gas Technology Centre (OGCT) – a key body involved in developing North Sea technology, welcomed Mr Hammond’s pledges to support R&D.
She said: “The Oil & Gas Technology Centre welcomes the Chancellor’s commitment to invest an additional £2billion a year in research and development by 2020-21.
“Sustained investment in technology and innovation will help UK companies and academic institutions compete globally and deliver economic growth.
“With £180million of funding from the UK and Scottish Governments, and local universities, we aim to become the go to technology centre for the oil and gas industry in the UK and internationally.
“We have a unique opportunity to create a culture of innovation and a sustainable, vibrant economy making the north-east of Scotland a great place to live and work.”