HOUSTON -- ITF, the industry technology facilitator for the global oil and gas industry, has opened a new base in Houston.
The organization hopes to invite more proposals for joint industry projects from groups and companies in North America, with up to 100% funding available for innovative oil and gas solutions. ITF’s target is to invest at least $15 million in technology projects in the region by 2015.
ITF is a not-for-profit organization owned by 26 of the world’s largest operators and oil services companies. They collaborate to fund new technologies that address global industry challenges.
This has led to distribution of over $5 million to US and Canadian research institutes to date.
The new office is on Post Oak Boulevard. Most ITF members have a base in Houston, with Marathon Oil the most recent to join from North America.
ITF’s members have identified unconventional reservoirs as a critical challenge. A technology workshop was staged in Houston last month to identify technology gaps.
Requirements identified included: development of a simulator for unconventional reservoirs; up-scaling and a workflow for multi-scale modeling; optimized hydraulic fracking/economics; long-term reservoir surveillance; in-situ stress measurement; and improved understanding of rock and fluid physics to optimize production.