Gulf Oil and Gas accountACCOUNT

Recon's New Contracts for Oil & Gas IoT Production Projects for Changqing Oilfield

Source: www.gulfoilandgas.com 9/26/2017, Location: Asia

Recon Technology, Ltd., a leading independent solutions integrator in oilfield service, electric power and and coal chemical industries operating in China, 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.

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.

Management Commentary
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."

Communication Equipment News in China >>

Russia >>  7/15/2019 - Global drilling and engineering contractor KCA Deutag KCAD) is delighted to announce that its land drilling operation has won three new contracts in R...
Russia >>  7/9/2019 - From 16 July to 30 July 2019, Nord Stream AG will temporarily shut down both lines of its gas pipeline system for routine maintenance works. The maint...

Kazakhstan >>  7/5/2019 - The Kazakh Ministry of Energy, KazMunayGas (KMG) and Eni signed a protocol of direct negotiations to grant the subsoil use right for exploration and p...
Russia >>  7/3/2019 - On July 1, the Gazprom Group signed a five-year contract to purchase natural gas from Turkmengas (for the period through June 30, 2024). According to ...

India >>  7/2/2019 - McDermott International, Inc. has completed the first of two offshore campaigns for Reliance Industries Ltd. KG-D6 R-Cluster subsea field development,...
Russia >>  6/30/2019 - NOVATEK and the consortium of Mitsui and Japan Oil, Gas and Metals National Corp (JOGMEC) have signed a Sales and Purchase Agreement to purchase a 10%...

Related Categories: Communication Equipment  Computers & Services  Copiers  Data Storage Systems  General  PC'S  Printers, plotters  Scanners 

Related Articles: Communication Equipment  Computers & Services  Data Storage Systems  General 


China Oil & Gas 1 >>  2 | 3 | 4 | 5 | 6 | 7 | 8 | 9 | 10 | 11 | 12 | 13 | 14 | 15 | 16 | 17 | 18 | 19 | 20 |

Oil & Gas Projects in China >>

More News

Related Links

Gulf Oil and Gas
Copyright © Universal Solutions All rights reserved. - Terms of Service - Privacy Policy.