Rita Schage at Innovation Norway.

The Norwegian Parliament is expected to grant an additional MNOK 100 for innovation projects to help out those engaged in the O&G sector.

The Parliament will discuss this matter later this month. Assuming a positive decision, Innovation Norway expects the additional funding to be made available from early November.

”We are pressed on time. The MNOK 100 must be awarded to projects within December 18th. Therefore, we urge companies to prepare applications for their innovation projects as soon as possible”, says Rita Schage, regional representative for Innovation Norway in Agder.

The additional funding is earmarked for individuals or companies in the Southern and Western regions of Norway affected by the current downturn in oil and gas. The proposal includes MNOK 60 for subsidies for newly established companies and MNOK 40 for The Industrial Research and Development Program (Norwegian: IFU/OFU).