BEIJING, April 30, 2014 /PRNewswire/ -- Recon Technology, Ltd. (NASDAQ: RCON), a leading oilfield services provider that operates primarily in the People's Republic of China, today announced that its BHD Petroleum Technology Ltd. division attended a technical exchange conference hosted by Sinopec Jianghan Oilfield in anticipation of an upcoming shale gas project. The project is located near Chongqing, in the South Fuling area of Sichuan Province, and the conference featured seven providers of high tech solutions for China's oil and gas industries. The first part of the shale gas project conference was held on April 2nd and was focused on heating furnaces. Recon was one of a very limited number of companies Sinopec invited to attend. The second part of the conference was held on April 20th and concerned horizontal fracturing technology.
Sinopec discovered and has begun to commercialize the first self-contained shale gas field in in Jiao Shi County of the South Fuling area. This area marks the first large-scale commercial shale gas development in China. Sinopec aims for a capacity of 5 billion cubic meters of shale gas field in 2015 and plans to reach a capacity of 10 billion cubic meters of shale gas field in 2017 in the Fuling project. This level of shale gas capacity equates to 10 million tons of oilfield capacity, the equivalent of a large oil field. The 10 billion cubic meters of shale gas field would satisfy the yearly gas needs of approximately 40 million people. During the first stage of construction, the project is expected to require 61 wellhead heating furnaces (400KW), 30 DN800 metering separators and 19 DN1200 production separators.
This conference, which featured a number of likely bidders in the South Fuling project, mainly focused on heating separators, horizontal fracturing technology and its application technical issues. Recon's Chief Technology Officer, Mr. Guangqiang Chen, introduced Recon's heating furnaces, separators and horizontal fracturing technology at the conference.
"We have developed our own series of heating furnace and separator products," said Mr. Chen, the Chief Technology Officer and director of Recon Technology Ltd. "In addition, through years of cooperation with Baker Hughes, a top-tier oilfield service company, we have accumulated rich field work experience about utilization of fracturing in China. The combination of technology and the geological characteristics is the core factor of shale gas exploration in China. We are looking forward to undertake more projects in the future and we are confident in our mature, advanced technologies and products."
Recon Technology, Ltd. is China's first listed non-state owned oil and gas field service company on Nasdaq (RCON). Recon supplies China's largest oil exploration companies, Sinopec and CNPC, 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. For additional information please visit us at 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.
Recon Technology, Ltd.
+86 (10) 84945799
SOURCE Recon Technology, Ltd.