The Netherlands-based Royal Dutch Shell has announced its plans to invest in the emerging and promising technology companies and benefit from the new innovations.
The company aims to deploy the new technologies in its businesses and add value to its operations.
Shell through its corporate venturing arm Shell Technology Ventures will invest over the next 6-8 years in companies ranging from smarter exploration processes to improved extraction techniques.
Shell Innovation, R&D chief technology officer and executive vice president Gerald Schotman said it is important for the company to use ideas outside the organization to have an innovative and new approach to its research and development.
"We want to enable the brightest and the best to develop their ideas, and benefit from Shell’s expertise and global reach, so that we can get these technologies up and running in our projects as fast as we can," Schotman added.
Shell is planning to make investments in industries, including gas production and conversion, chemical manufacturing and conversion, geophysical imaging, novel materials, enhanced oil recovery, and water management.
It will also seek technology related to information technology, oil and gas wells drilling and completion, sub-surface sensing, production in challenging environments, operational efficiency, and future energy technologies.