BEIJING, Sept. 25, 2017 /PRNewswire/ -- Recon Technology, Ltd. (NASDAQ: RCON), ("Recon" or the "Company"), a leading independent solutions integrator in oilfield service, electric power and and coal chemical industries operating in China, today announced the Company has won several contracts totaling approximately RMB 6.1 million, or approximately USD 0.9 million, to develop four Internet of Things ("IoT") Oil and Gas Production Projects (the "Projects") for three plants of PetroChina Changqing Oilfield Company ("PCOC"), China's largest producing oilfield company and a subsidiary of PetroChina ("CNPC", NYSE: PTR).
IoT is the practice of capturing, analyzing, and acting on data generated by networked objects and machines. The Project is designed to improve production efficiency through a new generation of smart sensors that perceive production data in the oil extraction, and gathering and transferring processes and detect errors in the process on a timely basis.
The Recon IoT solution integrates sensors, communication devices, and analytics associated with the above-mentioned Projects located in Shanxi Province for several plants of PCOC. Recon's solution collects the data about oil pressure, casing pressure, load, indicator diagram, three-phase current, voltage, active power, reactive power, power factor and wellhead real-time image during the production process of pumping units to transfer to the backstage data center for intelligent data analysis to provide production guidance.
Recon expects to complete its work on the Projects by December 31, 2017, and anticipates reporting relevant revenues in fiscal 2018.
Mr. Shenping Yin, Chairman and CEO of Recon stated, "These new contracts mark a major achievement for Recon's automation business. As discussed in our recent letter to shareholders, we felt that a nimble company like Recon could take advantage of the digitization of the oil and gas industry to help improve efficiency and safety. We are excited to participate in the IoT Projects, as PetroChina builds China's full-scale digital oilfield. Recon has supported PetroChina's efforts for more than 15 years, and these new contracts represent Recon's position within the field of electronic and intelligent engineering and creates a foundation for future cooperation on similar projects for PetroChina's other sites. Our goal is to continue leveraging the strength of our technological capabilities to cultivate our relationship with PCOC and other project owners, which we anticipate will lead to further contracts in the coming months and years."
About PetroChina Changqing Oilfield Company
The PetroChina Changqing Oilfield Company ("PCOC"), located in the Erdos basin, is China's biggest crude and gas producer with total proven oil and gas reserves over 4500 million tons. PCOC is also the biggest gas and oil contributor to PetroChina, covering Gansu, Ningxia, Inner Mongolia and Shanxi provinces, and plays the pivotal role of supplying oil and natural gas to cities including Beijing, Tianjin and Shijiazhuang. PCOC has seen continuous growth and rapid development of oil and gas production since 2000.
About Recon Technology, Ltd. (NASDAQ: RCON)
Recon Technology, Ltd. is China's first listed non-state owned oil and gas field service company on NASDAQ. Recon supplies China's largest oil exploration companies, such as PetroChina (NYSE: PTR) and Sinopec (NYSE: SNP), with advanced automated technologies, efficient gathering and transportation equipment and reservoir stimulation measure for increasing petroleum extraction levels, reducing impurities and lowering production costs. Through the years, RCON has taken leading positions on several segmented markets of the oil and gas filed service industry. RCON also has developed stable long-term cooperation relationship with its major clients, and its products and service are also well accepted by clients. The Company is also developing new markets of oilfield environmental protection, sewage treatment sector and power and coal chemical industry based on its advantage on technic and market resources. For additional information please visit: www.recon.cn.
This news release contains forward-looking statements as defined by the Private Securities Litigation Reform Act of 1995. Forward-looking statements include statements concerning plans, objectives, goals, strategies, future events or performance, and underlying assumptions and other statements that are other than statements of historical facts. These statements are subject to uncertainties and risks including, but not limited to, product and service demand and acceptance, changes in technology, economic conditions, the impact of competition and pricing, government regulation, and other risks contained in reports filed by the company with the Securities and Exchange Commission. All such forward-looking statements, whether written or oral, and whether made by or on behalf of the company, are expressly qualified by the cautionary statements and any other cautionary statements which may accompany the forward-looking statements. In addition, the company disclaims any obligation to update any forward-looking statements to reflect events or circumstances after the date hereof.
Liu Jia, CFO
Recon Technology, Ltd.
+86 (10) 84945799
The Equity Group Inc.
Katherine Yao, Senior Associate
In the U.S.
Adam Prior, Senior Vice President
+1 (212) 836-9606
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SOURCE Recon Technology, Ltd.