A High-valued Integrated Turnkey Project of Shale Gas Services in Sichuan Was Commenced

 2018-05-09 10:54:26 click

    A high-valued integrated turnkey project of drilling and well completion services project won in February by Sinopetroleum Technology Inc. (北京華油油氣技術開發有限公司) (“Sinopetroleum”), the subsidiary of the Company, recently was commenced according to its customer’s requests, so far the first batch of drilling equipment of the platform has gained customer’s acceptation and was put into operation.

    The Project is located in Sichuan Province. The oil-field services cover the integrated engineering technology services of drilling, oil testing and fracturing for 14 wells with a contract value of approximately RMB428 million.

    The area where this Project is located is the key demonstration area for the shale gas mining of the customer. The customer will continue to increase its investment in the demonstration area and accelerate the construction of shale gas production capacity in the coming three years.

    The Company has taken part in the construction of the first batch of customer-owned shale gas wells in such area as early as 2011. By taking into consideration of rich experience in integrated high-end natural gas wells services domestically and the leading technology capabilities, the Company has owned a number of high-end special technical service capabilities for shale gas wells, and has a thorough understanding of the mining characteristics of the shale gas wells and the needs of customers, making the Company stand out from the competition of the bid for this Project and successfully sign a service contract with the customer for this Project.
    During the implementation of this Project, Sinopetroleum will dispatch a professional and efficient on-site management and operation team to take advantage of the advanced processes and techniques and high-quality tool products of the Company, and fully capitalize on the Company’s comprehensive service strength of reservoir geological research, plan design optimization, tools and equipments preparation, on-site construction work and quality feedback and improvement by taking account of its previous projects experience in order to help its customers reduce the development costs, and increase the single-well production capacity as well as the development efficiency.

    This Project is an important milestone for the Company to expand the shale gas market. The Company will further promote the research and development and innovation of unconventional resources exploration and development technologies, continuously improve the service and management capabilities of unconventional energy projects, and drive the synergy development of other technology business on the basis of existing high-end drilling technologies and advanced well completion solutions.

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