Research and development spending in the North Sea is expected to increase on the back of rising oil prices, claims oil and gas technology expert Martin Ewan.
A partner in legal firm McGrigors, Mr Ewan said a brighter economic outlook, tied to stronger oil prices, would be a driver in bringing new technologies to market.
He said: “With a generally more upbeat outlook and better oil prices than we have experienced in the last two years, more North Sea companies are reviewing their R&D spend and engaging in collaborations.
Mr Ewan is the author of Technology in the Oil Field which forms part of Oil and Gas Law: Current Practice and Emerging Trends recently published by the University of Aberdeen.
The book is recognised as an established source of reference for students, academics and oil and gas practitioners and provides clarity on complex areas of law and the key regulatory and contractual dimensions of the energy sector.
Mr Ewan added: “As the North Sea province matures, extracting the remaining barrels of oil is one of most crucial challenges facing oil companies. The clever use of advanced technology will be main driver which dictates whether companies will succeed or fail.
“On the flip side, improving economic factors means more companies are starting to revisit projects which may have been put on the back burner in the last few years. Oil and Gas Law covers technology law and intellectual property and how these important sectors will play an integral part in making the most of what the North Sea still has to offer.”