The Oil & Gas Innovation Centre (OGIC) is expected to create more than 500 jobs through its projects, according to an independent study.

Commissioned by the OGIC, the study conducted by economic research consultancy Optimat looked at the centre’s support of research and development work.

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The OGIC was formed in 2014 and is a Scottish Government-backed initiative aimed at supporting and funding early stage technology innovation in the oil and gas industry.

Optimat noted that the OGIC-funded projects could deliver up to £855m gross value added (GVA) over the next ten years.

The objective of the study was to conduct an independent economic impact assessment of the centre’s activities since 2014.

“This emerging support ecosystem in north-east Scotland ensures that projects we support not only benefit the industry but also the wider economy.”

OGIC CEO Ian Phillips said: “It’s extremely encouraging to know that the work we are doing to help innovation from the initial concept stage is not only benefitting the industry but also the wider economy.

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“Our support typically gets a project from inception to early prototype stage, ready for support from others such as The OGTC and Scottish Enterprise to help the company through to commercialisation.

“This emerging support ecosystem in north-east Scotland ensures that projects we support not only benefit the industry but also the wider economy.”

As part of the research, Optimat studied the impact of 61 OGIC-funded projects to determine actual and forecast turnover.

By the end of this year, the OGIC expects to support 45 new projects in a bid to help maximise economic recovery in the UK and abroad.