(Yicai Global) July 14 -- A unit of Haimo Technologies Group is joining forces with US oil field testing service provider Select Energy Services to develop a commercially viable oil field testing and management system using a device produced by the Chinese manufacturer of oil field equipment.

Haimo America and Houston-based Select Energy will develop a system to measure and manage various key production gauges in the exploitation of unconventional horizontal oil-gas wells, Haimo Tech said yesterday.

The new system will use Haimo Tech’s flow metering products to provide real-time data of pressure, temperature and flow rate, the Lanzhou, northwestern Gansu province-based firm said. The partnership will help promote Haimo Tech’s multiphase flow metering products and oil field digitization technologies in North America, it added.

Select Energy will have exclusive rights to the system in the US and Canadian markets, while Haimo Tech will own the rights to other areas worldwide, per the statement. No estimates were given of the expected revenue.

Select Energy will also have exclusive distribution rights to sell some of Haimo Tech's products in North America, it added. After two years, the purchase amount should increase by 20 percent each year.

Haimo Tech’s share price [SHE:300084] closed down 0.21 percent today at CNY4.74 (USD0.73).

Editor: Kim Taylor