NEWS NWOL
North-West Oil Group Has Started to Work on the Agreement on Setting Up of the Joint Venture With Sinopec
Apr 8, 2008 07:41:34 (ET)
MOSCOW, Apr 08, 2008 (MARKET WIRE via COMTEX) -- North-West Oil Group Inc. (PINKSHEETS: NWOL) today announced that the Parties actively conduct works on the prompt end of preparation of the Agreement under the joint project. We have already known, that interest of North-West Group with Sinopec, first of all, is directed on granting services by the Chinese partner on the territory of Russian Federation, at carrying out of chisel works on oil deposits which purchase is conducted.
According to the signed contract, right after successful participation in the tender for purchase of a deposit which will occur not later than in half a year, the North-West Oil company together with Sinopec will create affiliated formation, branch, on performance of a complex works on maintenance of oil and gas facility construction and pipeline laying for a wide range of surface conditions and subsurface characteristics. Sinopec Service is fully supported by the research and development institutes of the Sinopec Group., provided directed drilling and its optimization, and also to render services on chisel solutions, cementation of chinks and the pump equipment not only for North-West Oil Group, but also to other oil companies.
Sinopec International Petroleum Service Corporation (Sinopec Service) is a fully owned subsidiary of the Sinopec Group dedicated to provide international petroleum services to all major oil and gas operators.
Using High-tech technology and new engineering decisions, Sinopec Service is the leader among chisel contractors of China, and gives to Customers a full volume of services on construction of chinks.
If past experience is anything to go by the combination of the Russian experience and the equipment with experience of the western service companies gives optimum result, providing development of chinks by high rates and with excellent quality. We are sure that such approach will allow North-West Oil Group to successfully carry on drilling operations
The goal of our company is to establish strong attitudes with the Chinese party, as with the favorable strategic partner. We understand, that active introduction of new approaches to conducting chisel works last decade is the keystone to success.
Becoming of the oil-and-gas service market, in conditions of a rigid economic competition, defines necessity of regular generalization of the saved up experience, the analysis of tendencies of development of chisel technologies, knowledge of last development in the field of rock-destruction tool. These Parameters have influence on work increase and decrease in expenses for construction of chinks.
Together with research, educational technical institutes, the service and research-and-production organizations we develop high technologies and introduce a new inventions.
Complexity of conducting chisel works is demanded us to make an optimum choice so technologies, as the service companies to work. And our company made its choice in favor of Sinopec Service, as the company has undertaken petroleum projects, and oil and gas technical service in many countries in Africa, America, Middle East, Asia. Sinopec Service has an outstanding record in geophysical prospecting, drilling, logging, cementing, hydraulic fracturing and well workover. It has strong engineering, Procurement and Construction capability for oil and gas facilities, pipelines and civil infrastructure.
Such scheme of cooperation allows to concretize the problems which we face with and operatively to find constructive decisions on the basis of last achievements of the "know-how."
Cooperation with Sinopec provided service drilling, using new technologies will allow us to reduce duration of construction of a chink to 5,6 %, costs on a chink -- 9,9 %.
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