There is a continued challenge within the oil and gas sector to find and produce energy to meet global energy demands, whilst facing the challenges of easy oil decline and difficult to explore resources in areas of limited accessibility. The top three drivers of research are improving operational efficiency, improving safety and reducing costs. These must also take into consideration tighter environmental and safety standards.
Some key areas of research include subsurface imaging; hydrocarbon production and reusing produced water; carbon capture and sequestration; well injection; water management; implications of nanotechnology; subsea production and development of remote technology for deepwater facilities. R&D claims have been made for activities undertaken during the exploration, appraisal, development (including front end engineering design (FEED)) and production phases of a project.
Examples of Eligible R&D activities (for a list of work that is not eligible click here):
Expenditures can include wages, third party contractor cost (contractor performing R&D in EEA), materials, machinery, equipment, and overheads.
Interested in estimating your R&D credit/refund?
Check out Braithwaite’s R&D Calculator
Braithwaite Technology Consultants Ltd. can assist you in obtaining tax credits for research and development activities. Whether your work involves basic research, applied research, or experimental development, Braithwaite can take the uncertainty out of the filing process and get you the credit you deserve for your innovation.
For a detailed evaluation of the oil and gas industry, please contact the professionals at Braithwaite.
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