AN oil and gas technology firm led by industry big hitters has secured around £1 million backing from investors amid challenging conditions in the sector. Stirling-based WaveLIFT raised the money in a funding round which was led by the Archangels syndicate of business angels. The investors have shown faith in WaveLIFT’s plan to develop technology designed to help oil and gas firms increase the flow of oil or gas from existing wells. The business is led by Steve Bruce and Simon Munro. Mr Bruce held senior positions at oil services giant Schlumberger. Mr Munro used to head the Scottish operations of the Business Growth Fund, which has invested in oil services firms. WaveLIFT was launched last year as oil and gas firms grappled with the downturn triggered by the slump in crude prices since 2014. Firms that operate fields are braced for a long period of relatively low oil prices. Mr Bruce said: “The need for exploiting the world’s remaining oil reserves has never been greater.” Increased exploration costs and reduced profit margins are forcing operators to maximise returns from existing portfolios. Niki McKenzie, investment director at Archangels, said WaveLIFT’s product was innovative and the company had gained positive feedback from major players in the sector. The round was also supported by the Scottish Investment Bank and an unnamed private investor.
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