Sunshine Oilsands Ltd. (02012.HK) is betting on ground source heat pumps (GSHP) technology to lower the cost of oilsands exploration.
Chairman Sun Guoping has been ramping up his stake in Shanghai Nobao Group, the company that owns the GSHP patent, the Hong Kong Economic Journal reports.
Sun, who is also chairman of Shanghai Nobao Group, became its largest shareholder at the end of last month with a 17.29 percent stake.
He expects Sunshine Oilsands’ exploration costs in its Canada oilsands project to fall 10 percent with the new technology.
The technology can cut heating costs, which accounts for 30-40 percent of oilsands exploration expenses, by up to 50 percent, Sun said.
The Hong Kong-listed company is planning a subsidiary in 2017 to promote the use of such technology in Canada, which has an estimated two million to three million barrels of crude oil production using GSHP exploration techniques.
Sun said Nobao Group may seek a separate listing in Hong Kong.
– Contact us at [email protected]