Aberdeen could become energy start-ups hotbed

Funding: BP awards £100,000 to top two firms to emerge from scheme

A new initiative could see Aberdeen take on technology centres like Houston and London for oil and gas start-ups, according to energy giant BP.

On Friday, the Oil and Gas Technology Centre (OGTC) celebrated the graduation of the first cohort of 10 start-ups from its TechX programme.

“I think there’s white space for an initiative like TechX”

The scheme is aimed at creating “transformational” change for the sector by helping move new technologies into the industry.

David Gilmour, vicepresident of business development for BP Ventures, said the OGTC is taking an opportunity to “put Aberdeen on the map” for exploration and production technology.

He said: “There aren’t many places where there is a specialism in the oil and gas industry. There’s lots of places like the Silicon Valley for digital or electronics but there’s not many places to say ‘here is a hotbed of innovation within the oil and gas area’.

“So I think there’s a white space for an initiative like TechX from the OGTC to really play a leading role in bringing innovation through to the oil and gas area and putting Aberdeen on the map as being the go-to place for innovation in the exploration and production area.”

BP awarded a total of £100,000 to the top two companies, RAB Microfluidics and Intelift, which it sees opportunity to use within its oil and gas operations.

David Millar, director of the TechX scheme, said the OGTC wants Aberdeen to reclaim more tech startup work from the likes of Edinburgh and London.

“We don’t see a programme like this anywhere else in the world, not in Silicon Valley, not in London – and we’re hoping that will allow us to put Aberdeen back on the map,” he said.

Group profit before tax is seen at £320 million, an increase on £309.4m this time last year.

“On balance, we expect much less volatility around Next’s earnings expectations, as opposed to what is set to remain a much more wide-ranging valuation debate,” analysts at Jefferies said.

“We cannot help but think that the latter will remain hostage of the impending Brexit process, at a time when UK consumers are still reluctant to spend, given a lack of visibility as we approach March 2019.”

Next reported betterthan-expected sales growth in the second quarter, attributing its success to the run of warm weather.

INNOVATION: David Gilmour, vice-president of business development for BP Ventures, hailed the Oil and Gas Technology Centre (OGTC)