TenzorGEO becomes a member of the first cohort of the Oil & Gas Technology Centre TechX programme
20 Jul, 2018
Aberdeen based company, Tenzor Geo, specialists in micro seismic surveying has become one of 10 TechX Pioneer companies on the accelerator programme at the Oil & Gas Technology Centre in Aberdeen.
TechX helps smaller, ambitious technology developers take their solutions to the oil and gas market – faster. It aims to attract the leading lights in technology development to the north-east of Scotland and anchor the supply chain in the region for generations to come.
125 entrepreneurs applied for the programme and took part in a rigorous review process, involving more than 50 TechX mentors, partners and members of the Oil & Gas Technology Centre.
The programme comprises an intense 16-week accelerator, game-changing funding – with up to £100,000 available – and the opportunity to join a follow on 12-month incubator.
BP is the strategic partner in the Pioneer programme. In addition to the core funding and support from TechX, BP Ventures will offer a small, exclusive group of Pioneers a further £100,000 of funding each, as well as dedicated access to BP’s facilities and expertise.
David Millar, TechX Director, said:“We are delighted with the response to the Pioneer programme and encouraged to see applications from a wide range of industries and countries.”
Mark Thomas, BP North Sea Regional President, said:“It’s great to see such a strong response to the TechX Pioneers programme, an initiative BP is proud to support as we seek to accelerate the development of new ideas and technologies, encourage fresh thinking and explore improved ways of working.
“The North Sea is a growth region for BP and our aim is to maintain a material, globally-competitive business here for decades to come. Emerging and game-changing technologies will help us achieve that goal by enabling us to tackle the tough challenges and access the full remaining resource potential.”
Ivan Starostin, Tenzor Geo CEO, said: “Tenzor Geo’s technology mitigates the risk of oil and gas exploration of small pools by in its simplest form, providing increased accuracy of what’s going on subsurface to aid decision making related to drilling.
We are delighted our proposal to the market has been recognized and Tenzor Geo has been accepted on the accelerator programme. We look forward to sharing our technology with the market, including potential clients and investors.”