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Business / Companies

Company opens base in Scotland to tap into oil and gas sector

By Zheng Xin (China Daily) Updated: 2016-03-25 09:49

A Chinese company that specializes in geosciences and reservoir technology has opened its first Scottish base at Heriot Watt University Research Park, a move that is expected to boost Scotland's embattled oil and gas industry.

The company, iRes-Geo Technology Ltd, opened the base to expand its global business and tap into the exploration and development of Scotland's oil and gas sector. It said the new base will initially produce 10 jobs for workers there.

"We have set up a new office in Edinburgh to support our North Sea and global expansion plans," said Huang Yi, chairman and founder of iRes-Geo Technology.

"To date we have created three positions, two of which are high-value jobs, and we are actively recruiting in Scotland to take our total staffing level to five this year."

Huang, who is a former reservoir geophysicist in Statoil, a Norwegian multinational oil and gas company, and a graduate of Heriot Watt University, said the company also established the office in Scotland because of its strength in the subsurface engineering market.

China gained a top 10 listing among countries with the most growth opportunities in the oil and gas industry over the next five years, according to the Scottish Development International, an agency that helps Scotland-based companies with overseas trade.

With the dramatic drop in the prices of oil, BP Plc and other international oil companies have shed jobs in its North Sea-related operations in and around the former energy boomtown of Aberdeen, and analysts said the impact is spreading into the wider economy.

The Scottish government recently announced it will offer oil and gas workers who lost their jobs in the downturn the opportunity to be trained as teachers as part of its 12-million-pound ($16.88 million) Transition Training Fund.

Scottish Development International, which is working with iRes-Geo Technology to offer guidance and support to help bring investment into Scotland, said the Chinese company's move forges a strong link with Scotland.

"We will continue to work intensively with their management team through our account management portfolio to support its ambitious growth plans in Scotland," said David Rennie, international sector head at the SDI. "The Chinese market is extremely important to Scotland. At the end of this month, we will host 15 companies to attend the China International Petroleum and Petrochemical Exhibition, where we will showcase Scotland's world-class oil and gas expertise."

About 15 oil and gas companies will join an SDI trade delegation to Beijing and Shenzhen at the end of this month to develop international partnerships.

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