HONG KONG, Oct. 25, 2016 /PRNewswire/ -- Anton Oilfield Services Group ("Anton Oilfield Services" or the "Group"; HKEx stock code: 3337), the leading independent oil and gas field technical services supplier in China, is pleased to announce the successful launch of the integrated coalbed methane turnkey project in Guizhou covering construction and production that was won by the Group in the third quarter of the year. Prepayment has already been received from client. Under this project, Anton will collaborate with the client to develop coalbed methane resources with a target production amount of 10.0 million cubic meters. The project is valued at approximately RMB71.0 million, and is expected to be completed in October 2018.
Client of the project is the only natural gas energy investment platform controlled and managed by the provincial state-owned assets supervision and administration commission in Guizhou. Anton entered into a strategic cooperative framework agreement with the client earlier on, involving cooperative intention of developing gas reserves with a targeted gas production of 200.0 million cubic meters. Concrete service contents and related prices will be fixed through separate project agreements. To facilitate the kicking off of this strategic cooperative agreement, the two sides have concluded an agreement for this integrated coalbed methane turnkey project taking it as a pilot project for all. Full execution of the strategic cooperative agreement will be speeded up once the project is successfully implemented.
The project marks a significant step in the Group's development of new markets, new clients and its integrated service model in particular, which is tailored for low-cost, high-efficiency overall management requirements in the unconventional resources development arena. The Group will take full advantage of its established reservoir geological technology edge, its integrated product synergies as well as its rich project implementation experience to help the client in reducing its development costs and raising single well production and overall project efficiency. It will also benefit from the synergetic development of its drilling and fracking services under the said integrated service model. Looking ahead, the Group is committed to enhancing its innovation in integrated service technologies and solidifying its market leading position in unconventional projects and integrated services projects to capture further opportunities lying ahead in the market.
About Anton Oilfield Services Group
Anton Oilfield Services Group (HKEx stock code: 3337) is a leading independent integrated oilfield services provider. The Group provides products and services for the entire process of oil and gas development and production, including integrated services, drilling technology, well completion, oil production as well as tubular services. The Group has established an international network across China and overseas markets, providing products and services in 14 countries including China and those in the Middle East, Central Asia and Africa area and America. With its comprehensive product lines and integrated service capacity, the Group is empowered to help oil companies solve their challenges in increasing production, improving drilling efficiency, lowering costs and optimizing waste management. Its fast growth benefits from China's advantages in natural resources and the Group's increased presence in overseas markets. Anton Oilfield is the best independent Chinese oilfield services partner, the best Chinese partner worldwide. The Group's strategic objective is to become a leading global oilfield services provider with a solid foothold in China.
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SOURCE Anton Oilfield Services Group