China's Petro-king Lands $7.7M Contracts from Sinopec, Beijing Jiuzun
Petro-king Oilfield Services Limited (Petro-king or the Company which, together with its subsidiaries, is referred to as the Group), a leading independent China-based high-end oilfield services provider, disclosed Monday that, its indirect wholly-owned subsidiary, Petro-king Oilfield Technology Limited, has won contracts from Sinopec Northern China Company (Sinopec Northern China) and Beijing Jiuzun Energy Technology Co., Ltd. (Beijing Jiuzun), with a total contract value estimated to reach $7.7 million (CNY 48 million).
The Group will provide multistage fracturing packers and services for 36 tight gas wells in the Ordos Basin for Sinopec Northern China and provide fracturing services for 12 coal bed methane (CBM) wells in Sichuan Basin for Beijing Jiuzun. The Group will enter into official contracts with these two customers shortly. Services for all the tight gas/CBM wells won under the biddings are expected to be completed by the end of this year.
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