Norwegian oil and gas firm Statoil and General Electric’s Sustainability Collaboration has initiated second open innovation challenge which aims to find technologies for reducing water usage in onshore unconventional oil and gas reservoir constructions.
The challenge intends to seek innovations for reduced fresh water usage and is also seeks solution to reuse of water from developmental activities, without hampering the onshore production capacity.
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GE Oil and Gas chief technology officer Eric Gebhardt said: "This collaboration with Statoil is centred on both our companies’ commitment to continued investment in technology and innovation to help develop low-cost and more efficient energy solutions.
"We invite individual innovators, institutions and companies, large and small, from around the world to co-develop potential solutions to make energy production more sustainable by improving the use of water in unconventional operations."
Initially launched in January, the challenge collaboration is a joint technology-focused programme to drive innovations in industrial solutions for solving major problems faced by global oil and gas companies.
It intends to bring down environmental impact of oil and gas production through sustainable and economic energy solutions.
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By GlobalDataAs a part of the challenge titled, ‘Reduced Use and Reuse of Water in Onshore Operations’, five entries will be selected which will win a prize of $25,000 each.
The selected solution providers will also be eligible for additional funding from an available discretionary prize pool of $375,000.
