Scotland’s oil and gas sector is set to receive a boost from Chinese-based iRes-Geo Technology Ltd, which has opened its first Scottish base at Heriot Watt University’s Research Park in Edinburgh.
The company says it plans to expand its North Sea and global business and will initially create 10 jobs, with plans to see its Scottish operation grow into a substantial hub.
iRes-Geo Technology, which specialises in geosciences and reservoir technology, says it recognises Scotland’s strengths in the subsurface engineering market and hopes to capitalise on these to maximise their opportunities in exploration, appraisal, development and field maturation projects.
Scottish Development International (SDI), the Scottish Government’s international arm, has helped to support the company’s move to Scotland.
SDI says it has worked intensively with the company – providing advice, guidance and support to help bring this inward investor to Scotland.
David Rennie, international sector head at SDI, said: “Today’s announcement is welcome news for Scotland’s oil and gas sector and reinforces our world-wide reputation as being a global hub for oil and gas activity.
“Our skills, experience and expertise together with our world-class training facilities and strengths in innovation made Scotland the location of choice for iRes-Geo Technology Ltd. Despite the current challenges that we are all aware of, investments such as these demonstrate we are still seen as an attractive long-term location.
“Our teams in both China and Scotland have worked intensively with the company providing on the ground advice and guidance including financial assistance to get established as well as supporting the company to join an SDI/UKTI inward mission to Offshore Europe last year.”
iRes-Geo Technology Ltd has already created three of the initial jobs within research and development and marketing fields.
Chairman/founder of iRes-Geo Technology Ltd, former reservoir geophysicist in Statoil and a graduate of Heriot Watt University, Yi Huang, said: “We have set up a new office in Edinburgh to support our North Sea and global expansion plans. To date we have created three positions, two of which are high value jobs, and we’re actively recruiting in Scotland to take our total staffing levels to five this year.
“I would like to take this opportunity to thank SDI for its great support, in business development and in setting up this company. I am looking forward to continuing to work with them as we deliver our growth plans.”
China is a key market for Scotland’s oil and gas sector both for inward investment opportunities and international activities. Last year China was listed in the supply chain’s top ten countries for growth opportunities in both the immediate future and over the next five years.
At the end of this month, fifteen oil and gas companies will join an SDI trade mission to Beijing and Shenzhen to develop new international partnerships in areas where Scotland’s strong heritage can support the Chinese oil and gas industry in its global development.
Rennie added: “Supporting iRes-Geo Technology Ltd’s move to Scotland forges even stronger links between Scotland and China and we will continue to work intensively with their management team through our account management portfolio to support its ambitious growth plans in Scotland.
“The Chinese market is extremely important to Scotland and 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.”