R&D Tax Credit | Oil & Gas
We have experience working with companies in the Oil & Gas industry, identifying suitable innovation funding and incentive solutions for their businesses.
R&D TAX CREDIT IRELAND
Oil & Gas Industry
There continues to be a challenge within the oil and gas sector to discover and extract energy in order to meet global energy demands. This challenge is further compounded by the decline in easily accessible oil reserves and the complexities associated with exploring resources in areas of limited accessibility. The primary driving forces behind research in this sector are centered around enhancing operational efficiency, ensuring safety improvements, and minimizing costs. These objectives must also account for the increasingly stringent environmental and safety standards in place.
Several pivotal areas of research have emerged, encompassing subsurface imaging, hydrocarbon production, the reuse of produced water, carbon capture and sequestration, well injection techniques, water management strategies, the implications of nanotechnology, subsea production methods, and the development of remote technologies tailored for deepwater facilities. Research and development claims have been substantiated for activities conducted during various project phases, spanning exploration, appraisal, development (including front-end engineering design (FEED), and production.
Examples of Eligible R&D activities in the Oil & Gas Industry
- Developing technologies to optimize wellbore position
- Advancing extraction techniques, such as fracturing technology
- Extending the operation of mature oil fields and aging reservoirs through the development of new technology
- Developing new or improved detection methods to identify and/or prevent cracking or corrosion of oil pipelines
- Extending processing techniques, for example, for lighter oils
- Developing new technologies to increase production yield and throughput of midstream and downstream processing plants
- Conducting and interpreting geotechnical studies on a prospective site in a challenging environmental location to enable the design, development, and construction of a new plant
- Creating tools for modeling and simulating different fields under varying conditions over the life cycle
- Developing technology for autonomous underwater vehicles (AUVs) coupled with improved imaging technologies to enable operators at the surface to observe activities near the seafloor
- Designing software to enhance the interpretation and performance assessment of reservoirs during exploratory and development stages
Expenditures may include wages, costs of third-party contractors (performing R&D in the EEA), materials, machinery, equipment, and overheads.
What Braithwaite can do for you
We possess the knowledge of what to include in your claims, the methods to use during the claiming process, and notably, the numerous traps to steer clear of. With our guidance, your company can confidently pursue robust, successful, and compliant R&D tax relief endeavours tailored to the Oil & Gas Industry.
Contact us today for further information: [email protected].
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