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New Inventions - Oil and Gas Tools
Research and development investment by oil companies such
as yours, can result in new or improved Oil and Gas tools.
Your company’s quest to discover new reserves, turn potential
reserves into proven reserves, or to increase the bottom line
through improvements to Oil and Gas tools, or new inventions,
may qualify for SR&ED investment tax credits or . For SR&ED funding, there is no requirement
for a patent for the new inventions; as long as the
are met and the technological challenges could not be met
from knowledge available in the public domain, or solved using
routine practices in oil and gas engineering.
Research and Development in
the Oil and Gas Industry
The SR&ED tax credit definition specifically excludes
the activities of “prospecting, exploring or drilling for,
or producing, minerals, petroleum, or natural gas” and “commercial
production of a new or improved material device, or product”.
However, if your company’s new product development process
has distinguished research and development activity that qualifies
from that which does not, SR&ED funding can be accessible
for qualifying activity. TSGI may be able to assist with that
segregation process, and can also assist you with developing
tracking processes for future claims. Oil and gas investments
are an expensive proposition and often require testing in
a field environment, sometimes, out of necessity, with potential
or existing customers, requiring careful segregation of activity
necessary for the new product development from regular commercial
or exploration activity.
Oil and Gas Engineering
On the positive side of the ledger, “engineering” activity
(along with other support activity) commensurate with the
needs and in support of technological advancement that is
embodied in a new product development is specifically included
as a qualifying activity in the definition of SR&ED. Oil
and Gas companies in Alberta and elsewhere in Canada may have
significant such supporting activity for new inventions or
improvements to oil and gas tools.
TSGI Experience
TSGI, located in Calgary, Alberta, Canada currently has clients
in, and has filed numerous SR&ED claims in the field of,
research and development of oil and gas tools. |
