A challenge has been thrown down by Chevron Technology Ventures. Top three winners get $25,000 and the chance to prove their technologies in the field…
A challenge has been thrown down by Chevron Technology Ventures (CTV). Top three winners get $25,000 and the chance to prove their technologies in the field. What is the challenge? Come up with a water management scheme that costs between $0.40 and $0.70 per barrel. The costs include “a full-service solution that addresses the logistical, technical, regulatory and commercial challenges associated with produced water management.” CTV envisions a build-own-operate delivery structure, which pretty strongly implies a central treatment facility. It’s unclear if gathering and storage infrastructure are in the scope of the challenge. Learn more about the challenge here.
Here’s CTV’s mission as stated on their home page:
“Chevron Technology Ventures (CTV) pursues innovative business solutions and externally developed emerging technologies that have the potential to improve Chevron’s base business operations. CTV identifies, assesses, and champions the deployment and adoption of proven technologies across the enterprise.”
There is tension between emerging and proven technologies. Which begs the question for the Challenge, are established technologies eligible? The point is further confused on the Tech Challenge information page.“CTV identifies, assesses and champions the deployment and adoption of proven technologies across the enterprise.”
In the FAQ section on the Tech Challenge page, CTV refers to their Catalyst Program, as if it was a part of the challenge. According to the site, “The Catalyst Program will focus on accelerating the maturation of early-stage companies working on technologies that can directly benefit the oil and gas industry. These include “smart” oil field equipment, advanced materials, water technology and IT software/hardware, among others. Candidate companies are expected to be beyond seed stage with plans to raise additional venture capital in the near future.”
Proven. Innovative. Emerging. Early-stage. Confusing.
The challenge came out on July 8. Submission deadline is September 30 with the winner being announced in January 2019. CTV will access experts with the Department of Energy’s Office of Fossil Energy as they evaluate submissions.