Aberdeenshire-based Unmanned Production Buoy Group (UPB) and Tong Ze Group of Hong Kong have signed a £5billion deal to develop and use UPB’s oilfield technology.
The new memorandum of understanding (MOU) follows a smaller deal, worth up to £2.5billion, that was signed between UPB and China’s Offshore Oil Engineering Company last November.
Banchory-based UPB has developed floating buoy technology that allows marginal and uneconomic oilfields to be exploited at much lower cost than conventional methods.
Its MoU with Tong Ze was signed in Edinburgh as part of activities involving a Chinese trade mission to the capital.
“It’s fitting that our countries should work together, to develop and commercialise the energy and low-carbon technologies of the future,” said First Minister Alex Salmond.
“The Scottish Government is absolutely committed to encouraging that co-operation and building on the links we have made though engagement with China since 2007.
“The MoU for UPB is significant, given the scale of investment.
“As mature basins the North Sea and Chinese waters face many similar challenges but also huge opportunities, and I’m pleased to see Scottish expertise being recognised.”
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