The Innovation Saskatchewan Board of Directors has approved $1.9 million in research and development funding for the 2013-14 fiscal year to develop Enhanced Oil Recovery (EOR) technologies.
“Saskatchewan’s oil and gas industry is one of the economic drivers for the province,” Economy Minister Bill Boyd said. “Last year, the industry experienced records in production and horizontal wells drilled, lending proof to its strength and growth. We are continuing to support the development of innovative technologies through partnerships with industry that will increase oil production.”
The approval of these heavy oil projects is consistent with the Saskatchewan Plan for Growth which includes initiatives to increase oil production and developing new technologies to access our oil reserves. Some of the key objectives of the projects are to study the use of microbes and radio frequency heating to increase oil production.
“We are very pleased with the collaborative effort that industry and research organization partners made in the development of these projects,” Innovation Saskatchewan CEO Jerome Konecsni said. “Innovation isn’t innovation unless it’s implemented to provide the promised benefits. With industry participating in the development and operation of the projects and providing 70 per cent of the funding, we are confident that these initiatives will result in impacts on Saskatchewan’s economy.”
The funding is being allocated to four projects through the Saskatchewan Advantage Innovation Fund, which is accessible by partnership among industry and research organizations for strategic innovation projects.