China North East Petroleum Holdings Ltd. announced that the company has reached an agreement to provide oil drilling and other services at an oil field in Inner Mongolia.
China North East Petroleum Holdings Ltd. said that Song Yuan Tiancheng Drilling Engineering Co. Ltd., which is the company’s oil services subsidiary, agreed to drill one hundred wells for Beijing Junlun Runzhong Technology Co. Ltd.
China North East Petroleum Holdings Ltd. purchased Song Yuan Tiancheng Drilling Engineering Co. Ltd. in 2009, and has entered into six drilling agreements with various parties since then. The company has drilled a total of 142 wells during the first eight months of 2010.
China North East Petroleum Holdings Ltd. said that the drilling program would begin immediately and last approximately twelve months. The company will utilize two rigs at the field in Inner Mongolia.
The value of the drilling contract was not specified by China North East Petroleum Holdings Ltd., as Beijing Junlun Runzhong Technology Co. Ltd. is required to pay for each well based on the depth of the drilling.
China North East Petroleum Holdings Ltd. also owns interests in four oil and gas fields in Northern China and has a contract to sell its oil and gas output to PetroChina.
For more information on the company, go to www.cnepetroleum.com
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