These reduced operating costs would allow offshore oil and gas to compete with shale oil on flexibility and cost, ensuring production and job creation in the UK North Sea and Atlantic Margins over the next 50 years. SBT Energy has reported success for its wave - tank tests and field trials of eight buoy and offshore tank developments which it said could reduce production costs by two thirds and per barrel operating costs by 70 % . Such developments would make offshore oil and gas more competitive against shale oil while supporting production rises , job creation and energy security . The buoys could hold equipment or act as exploration and production locations . The tests were carried out with the collaboration of the University of Edinburgh and the UK Oil and Gas Innovation Centre .
SBT Energy has reported success for its wave - tank tests and field trials of eight buoy and offshore tank developments which it said could reduce production costs by two thirds and per barrel operating costs by 70 % . Such developments would make offshore oil and gas more competitive against shale oil while supporting production rises , job creation and energy security . The buoys could hold equipment or act as exploration and production locations . The tests were carried out with the collaboration of the University of Edinburgh and the UK Oil and Gas Innovation Centre .