{"id":148,"date":"2017-09-26T21:06:42","date_gmt":"2017-09-26T21:06:42","guid":{"rendered":"https:\/\/pickettoil.wordpress.com\/?p=148"},"modified":"2017-09-26T21:06:42","modified_gmt":"2017-09-26T21:06:42","slug":"recon-announces-new-contracts-for-oil-and-gas-internet-of-things-production-projects-for-petrochina-changqing-oilfield-company","status":"publish","type":"post","link":"https:\/\/pickettoil.com\/store\/recon-announces-new-contracts-for-oil-and-gas-internet-of-things-production-projects-for-petrochina-changqing-oilfield-company\/","title":{"rendered":"Recon Announces New Contracts for Oil and Gas Internet of Things Production Projects for PetroChina Changqing Oilfield Company"},"content":{"rendered":"

Sep 25, 2017, 8:00am EDT<\/p>\n

\"Petro<\/p>\n

\n

BEIJING<\/span>,\u00a0Sept. 25, 2017<\/span>\u00a0\/PRNewswire\/ —\u00a0Recon Technology, Ltd. (NASDAQ: RCON), (“Recon” or the “Company”)<\/b>, a leading independent solutions integrator in oilfield service, electric power and and coal chemical industries operating in\u00a0China<\/span>, today announced the Company\u00a0has won several contracts totaling approximately\u00a0RMB 6.1 million<\/span>, or approximately\u00a0USD 0.9 million<\/span>, to develop four Internet of Things (“IoT”) Oil and Gas Production Projects (the “Projects”) for three plants of PetroChina Changqing Oilfield Company (“PCOC”),\u00a0China’s\u00a0largest producing oilfield company and a subsidiary of PetroChina (“CNPC”, NYSE: PTR).<\/p>\n

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.<\/p>\n

The Recon IoT solution integrates sensors, communication devices, and analytics associated with the above-mentioned Projects located in\u00a0Shanxi Province<\/span>\u00a0for 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\u00a0data\u00a0analysis to provide production guidance.<\/p>\n

Recon expects to complete its work on the Projects by\u00a0December 31, 2017<\/span>, and anticipates reporting relevant revenues in fiscal 2018.<\/p>\n

Management Commentary<\/b><\/p>\n

Mr.\u00a0Shenping Yin<\/span>, 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.\u00a0We are excited to participate in the IoT Projects, as PetroChina builds\u00a0China’s<\/span>\u00a0full-scale digital oilfield.\u00a0Recon 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.\u00a0Our 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.”<\/p>\n

About PetroChina Changqing Oilfield Company<\/b><\/p>\n

The PetroChina Changqing Oilfield Company (“PCOC”), located in the Erdos basin, is\u00a0China’s<\/span>\u00a0biggest 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\u00a0Gansu<\/span>, Ningxia, Inner Mongolia and\u00a0Shanxi<\/span>\u00a0provinces, and plays the pivotal role of supplying oil and natural gas to cities including\u00a0Beijing<\/span>,\u00a0Tianjin<\/span>\u00a0and\u00a0Shijiazhuang<\/span>. PCOC has seen continuous growth and rapid development of oil and gas production since 2000.<\/p>\n

About Recon Technology, Ltd. (NASDAQ: RCON)<\/b><\/p>\n

Recon Technology, Ltd. is\u00a0China’s<\/span>\u00a0first listed non-state owned oil and gas field service company on NASDAQ. Recon supplies\u00a0China’s<\/span>\u00a0largest 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:\u00a0www.recon.cn<\/a>.<\/p>\n

Safe Harbor<\/b><\/p>\n

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.<\/p>\n

Company Contact<\/b><\/p>\n

Liu Jia<\/span>, CFO
\nRecon Technology, Ltd.
\n+86 (10) 84945799
\ninfo@recon.cn<\/a><\/p>\n

Investor Relations\u00a0<\/b><\/p>\n

The Equity Group Inc.<\/p>\n

In\u00a0China<\/span>
\nKatherine Yao<\/span>, Senior Associate
\n+86-10-6587-6435
\nkyao@equityny.com<\/a><\/p>\n

In the U.S.
\nAdam Prior<\/span>, Senior Vice President
\n+1 (212) 836-9606
\naprior@equityny.com<\/a><\/p>\n

View original content:http:\/\/www.prnewswire.com\/news-releases\/recon-announces-new-contracts-for-oil-and-gas-internet-of-things-production-projects-for-petrochina-changqing-oilfield-company-300524832.html<\/a><\/p>\n

SOURCE Recon Technology, Ltd.<\/p>\n<\/div>\n

\"\"<\/p>\n

\n
\n

The information on this page is provided by PR Newswire. All rights reserved. Reproduction or redistribution of this content without prior written consent from PR Newswire is strictly prohibited. is not responsible for this content.\u00a0Learn more about this service.<\/a><\/em><\/small><\/p>\n

Information Retrieved from The Business Journals<\/a><\/p>\n<\/div>\n<\/div>\n

 <\/p>\n","protected":false},"excerpt":{"rendered":"

Sep 25, 2017, 8:00am EDT BEIJING,\u00a0Sept. 25, 2017\u00a0\/PRNewswire\/ —\u00a0Recon 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\u00a0China, today announced the Company\u00a0has won several contracts totaling approximately\u00a0RMB 6.1 million, or approximately\u00a0USD 0.9 million, to develop four Internet of Things … Read more<\/a><\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"class_list":["post-148","post","type-post","status-publish","format-standard","hentry","category-uncategorized"],"yoast_head":"\nRecon Announces New Contracts for Oil and Gas Internet of Things Production Projects for PetroChina Changqing Oilfield Company - Pickett Oilfield, LLC<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/pickettoil.com\/store\/recon-announces-new-contracts-for-oil-and-gas-internet-of-things-production-projects-for-petrochina-changqing-oilfield-company\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Recon Announces New Contracts for Oil and Gas Internet of Things Production Projects for PetroChina Changqing Oilfield Company\" \/>\n<meta property=\"og:description\" content=\"Sep 25, 2017, 8:00am EDT BEIJING,\u00a0Sept. 25, 2017\u00a0\/PRNewswire\/ —\u00a0Recon 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\u00a0China, today announced the Company\u00a0has won several contracts totaling approximately\u00a0RMB 6.1 million, or approximately\u00a0USD 0.9 million, to develop four Internet of Things ... 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