ITF boosts membership with leading service companies

Wednesday, Mar 28, 2012

ITF, the oil and gas industry technology facilitator today announced new membership agreements with two major global service companies.

Through their membership, Petrofac and Siemens will join other high profile energy players in supporting new technologies through the ITF model to tackle global industry challenges.

Petrofac employs more than 15,000 people and is an international oil & gas service provider to the oil & gas production and processing industry.

Dr Geoff Nesbitt, head of technology strategy at Petrofac, said: “ITF works on a vast scope of projects and challenges and it is an excellent platform for accessing many of the top minds in the oil and gas industry. The current membership list certainly highlights the pedigree of the organisation. Through ITF we have the opportunity to invest in technologies which are essential to the future of the sector.”

Munich headquartered Siemens is the largest European-based electronics and electrical engineering company with 360,000 employees worldwide and operates in the fields of industry, energy and healthcare.

Dr Peter Woywode, head of oil and gas innovation management from Siemens, said: “Technology development is one of the main drivers of the energy industry and through our membership with ITF we are committed to finding new solutions to meet the challenges that many companies are now facing. Their unique collaboration model means we can work with other business partners to develop the industry solutions needed to maximise production.”

Neil Poxon, managing director at ITF, said the new members would significantly boost the organisation’s international reach as it looks to secure £50 million member investment in new joint industry projects by 2015.

He said: “Welcoming two of the world’s largest service companies is a great coup for ITF as they bring a wealth of knowledge and industry expertise which will further strengthen the resources available to us. Our growing international membership is absolutely crucial to funding some of the game-changing technologies that will secure hard to reach reserves and support exploration in new frontier regions.”

ITF members share funding and risk on bringing forward new solutions through Joint Industry Projects (JIPs). Developers can secure up to 100% funding and retain full intellectual property rights.

To date, ITF has launched more than 180 JIPs from early stage projects through to field trials and commercialisation. 

For more information on ITF, visit www.itfenergy.com

Source: The BIG Partnership