Shell to invest in industry future

SHELL is set to invest several hundred million dollars in promising technology companies over the next eight years to speed up the rate of advancement in the oil and gas industry.
Shell to invest in industry future Shell to invest in industry future Shell to invest in industry future Shell to invest in industry future Shell to invest in industry future

It will use its Shell Technology Ventures arm to make the investments.

Partners in the investment may be given access to Shell's wide range of resources including technical personnel, its global research capacity and its customer, supplier and contractor base.

The company will invest in gas production and conversion, geophysical imaging, chemical manufacturing, novel materials, enhanced oil recovery and water treatment.

It also will look to invest in information technology, well-drilling and completion, sub-surface sensing, production in challenging environments, efficiency and future energy technologies.

Shell Technology Ventures director Geert van de Wouw said Shell was looking to invest in long-term partnerships with companies that could provide long-term solutions.

"We are looking to develop long-term mutually beneficial partnerships with emerging technology companies, venture capital firms and corporate venturing organisations," he said.

"A good example of where this is already working is our investment in GlassPoint Solar. Their pilot plant in the Middle East traps heat from the sun to generate steam for enhanced oil recovery."

In 2012, Shell spent more than $US1.3 billion ($A1.24 billion) on research and development.

Shell works closely on the projects with universities, incubators, early-stage technology companies, independent venture capital firms and other corporate venture capital firms.

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