ABTechnology Ltd. and partner Enegi have signed an option agreement with energy services firm Wood Group PSN to increase its participation in the ABT Oil and Gas project.
ABT Oil and Gas is a joint project by Enegi and ABTechnology to developed an unmanned production bouy solution for marginal fields.
The option gives Wood Group PSN 90 days to conclude an agreement to expand its participation in the development of the marginal field initiative.
Image: ABT Oil & Gas' unmanned production buoy design.
Wood Group PSN has been a strategic partner in ABT since a 2011 agreement, which gives Wood Group PSN exclusivity in the provision of a number of engineering services.
"The recent acceleration in the development of the marginal field initiative, in terms of industry interest, project acquisition, and expansion of the technology portfolio, has encouraged the parties to reassess the relationship, with a view to Wood Group PSN participating more widely in the development of the business," said Enegi.