Periodic Reporting for period 1 - LIMPET (LOW MAINTENANCE, HIGH SECURITY, PIPELINE LEAK DETECTION THROUGH CONTINUOUS MONITORING AND REAL TIME ALERTS)
Reporting period: 2017-02-01 to 2017-07-31
Direct benefits to society resulting from the implementation of the LIMPET technology include 1.) Sustainable energy sources, as the effects of leaks and thefts are reduced 2.) A safer environment and lower levels of pollution, with operators response times improved with real time monitoring 3.) Lower energy prices as cost savings can be passed along the supply chain from the operator to the customer.
The overall objectives of the SMEi Phase 1 project were as follows: 1.) Conduct a feasibility study focusing on technical and market knowledge acquisition 2.) Optimise the Limpet design based on user input and market data 3.) Ensure overall industrial readiness 4.) Introduce Limpet to the EU and global markets 5.) Demonstrate the commercial benefits to key stakeholders in the market.
The results of the Feasibility Study have enabled Dashboard to formulate a sound development strategy and business plan which will ensure the successful completion of the LIMPET project and commercialization of project results by highlighting the technical and commercial activities that need to be completed. In this study, the global oil and gas leak detection and theft technology market was comprehensively analysed, in conjunction with the oil and gas pipeline infrastructure market. This was done because the trends of the infrastructure market directly influence our market of interest.
Furthermore, early adopter markets for LIMPET have been identified. We have thus developed a commercial and exploitation strategy, aimed at strategically placing our technology within the market to ensure high uptake once commercialisation commences. Potential end users have also been identified, which will act as an initial distribution channels for our product across Europe and globally.
From a technical viewpoint, design optimisation and validation of the LIMPET solution specified positive results in terms of the required parameters for strength, performance and safety provisions. The flow meter collars must be functional in a myriad of scenarios, and they need to be effective in continuous subsea monitoring.
An all-encompassing intellectual property (IP) and regulation examination was conducted and no conflicts were found. Furthermore, we conducted a technological risk assessment for the project and have developed mitigation strategies to lessen their possible impacts on the successful development of LIMPET.
A comprehensive market study confirmed the commercial viability of LIMPET, with opportunities for the solution in our target markets, that is, in the UK, Canada and the MEA region. We have also confirmed the existence of lucrative, potential markets in the North American and APAC regions. Moreover, we have been able to identify potential clients and strategic partners for the LIMPET solution in these regions and are implementing measures to initiate talks with these entities to facilitate a route to market.
We have finalised an exploitation and dissemination strategy which will see us using various platforms including, but not limited to, dedicating a webpage to LIMPET on the Dashboard website which will detail the progression of the project. We will also have in-field demonstrations of the solution and have meetings with industrial associations. Furthermore, LIMPET will be exhibited at various O&G leak detection and theft prevention technology oriented fairs and exhibitions across the globe from 2018 onwards.
Benefits external to Dashboard include the following: 1.) Job creation through the supply chain 2.) Greater security and asset protection for operators 3.) Enabling Government and EU objectives regarding pollution and environmental damage to be achieved 4.) Knowledge and know-how within the EU economy.
Further areas of commercial interest resulting directly from the project are stated in 'Current Projects under Discussion' in the feasibility report. Due to the nature of these negotiations, at this time they are not available to the general public.
In order to progress the LIMPET technology towards commercialisation and beyond the current levels of development, Dashboard are aware of the need for further investment in order to realise the potential internal and external benefits to society. As such we have decided to continue with the development of LIMPET. A draft plan on how to advance the development of the technology has been created, bringing it to market readiness and successful commercialisation. We acknowledge that because we seek to penetrate various markets both onshore and offshore, our technology needs to be versatile. This will see us developing an industrial prototype which will lead to the manufacture of system components in the third quarter of 2018. This prototype will be the version of LIMPET that will be available for various onshore and offshore applications in target markets. The final product will be a next generation prototype which will further subsea monitoring capabilities. With a successful Phase 2 project having an anticipated state date in the first quarter of 2018 and end in the second quarter of 2019.