The American multinational and the Norwegian oil and gas company have combined forces to launch their second open innovation competition, “Reduced Use and Reuse of Water in Onshore Operations”.
The challenge is looking for innovative solutions for reducing fresh water usage and treating and reusing water in the development of onshore unconventional oil and gas reservoirs. It follows the collaboration’s first challenge which was about reducing the use of sand in onshore operations.
“Ideas at any scale are welcome,” said Lars Høier, senior vice president of research, development and innovation for Statoil ASA. “Even incremental strides in improving water management can add up to significant conservation gains.”
To take part, participants must submit a short, non-confidential description of their technology, scientific support for it, non-confidential evidence and a technical approach. The deadline for submissions is September 24, 2015.
Up for grabs is $25,000, awarded to each of up to five winning entries as well as possible access to a discretionary development fund of $375,000. Additionally, there will be support for the commercialization of winning submissions.
Turning to Open Innovation for Answers
This global challenge is open to individuals, institutions and companies of all shapes and sizes. Eric Gebhardt, chief technology officer for GE Oil and Gas neatly summed up the reason for adopting open innovation to find solutions.
He said: “We recognize that great ideas transcend any one company or geography, which is why we’ve launched this open innovation challenge.”
To find out more about the open innovation challenge, click here.