Perth, Oct 8, 2007 AEST (ABN Newswire) - MEC Resources Ltd (ASX: MMR) has signed a Memorandum of Understanding (MOU) with China National Logging Corporation (CNLC). The MOU relates to the potential formation of a Joint Venture Company (JVC) to (a) provide oil and gas exploration and production services to projects identified by MEC Resources and its investee company Advent Energy Ltd; and (b) market these services to other companies operating in Australia.
CNLC was established by China National Petroleum Corporation (CNPC) for the world-wide provision of well-bore technical services. CNPC is the flagship of China's energy enterprises with approx AU$ 183 Billion in sales in 2006.
Since its establishment, CNLC has not only been providing integrated well-bore services to China's petroleum industry, but has also progressively developed into a service company of international standing, having extended its business operations to a number of countries, such as the Sudan, Iran, Egypt, Tanzania, Venezuela, Kazakhstan, Myanmar, Pakistan, Bangladesh, and Azerbaijan.
CNLC is a specialized service company of international repute, providing its clients with integrated services and solutions relating to:
(a) Wire-line logging, mud logging, well testing, perforating, MWD/LWD and directional drilling
(b) Well completion, acidizing, fracturing, work-over and other related engineering aspects
(c) The manufacture of wireline logging, mud logging, well testing and perforating equipment
(d) Geophysical and geological research and development
(e) Information consultation and project management and engineering on petroleum exploration and development projects.
Clients to whom CNLC has successfully provided well-bore technical services, include, amongst others, PetroChina, Esso, Phillips, Agip, Shell, JNOC, Amoco and Chevron.
MEC Resources and CNLC are currently conducting a market study of the Australian services market, with MEC recently hosting a visit from CNLC representatives. The MOU sets out a staged process towards development of formal agreements and a Joint Venture Company.
About China National Petroleum Corporation (CNPC)
China National Petroleum Corporation (CNPC) is a world-leading integrated energy corporation with businesses covering oil and gas upstream and downstream operations, oilfield services, engineering and construction, petroleum material and equipment manufacturing and supply.
CNPC, the flagship of China's energy enterprises, plays an important role in China's oil and gas production and supply.
- Oil production: 2.69 million barrels of crude oil/day
- Gas production: 4.6 billion cubic feet/day
- Oil reserves: 2.69 billion metric tons
- Gas reserves: 2215.9 billion cubic meters
- Oil and gas production account for 58% and 75.5% of the total production in China respectively
CNPC - a global player
- Oil and gas assets and interests in 27 countries
CNPC- a leading technical and engineering service supplier
- Entire oil and gas operations, oilfield services, engineering and construction, as well as integrated resolution schemes
- World famous contractor and service supplier in seismic exploration, well drilling, well logging, pipeline and engineering construction
CNPC - a major petroleum material and equipment manufacturer
- Manufacture materials and equipments required by each sector of petroleum industry, including oil and gas exploration, development, production, storage and transportation, and petrochemical facilities.
- Products sold in 59 countries and areas worldwide
About China National Logging Corporation (CNLC)
China National Logging Corporation (CNLC), was established by China National Petroleum Corporation (CNPC) in 1995. Since its establishment, CNLC has not only been the provider of integrated well-bore services to China petroleum industry, but also progressively developed as an international standard service company. It has extended its operations to a number of countries, such as the Egypt, Azerbaijan, Kazakhstan, Tanzania, Pakistan, Bangladesh, Sudan etc.
Worldwide experience has been gained in dealing with geologically diverse reservoirs as well as the capability of delivering its services in desert, marshland and mountainous areas, offshore and other harsh environments.
Presently, CNLC can provide its clients with integrated services and solutions relating to:
- Wire-line logging, mud logging, well testing, perforating, MWD/LWD and directional drilling;
- Well completion, acidizing, fracturing, work-over and other related engineering aspects;
- The manufacture of wireline logging, mud logging, well testing and perforating equipment;
- Geophysical and geological research and development;
- Information consultation and project management and engineering on petroleum exploration and development projects.
Operations are based on a practical combination of advanced technology, experienced personnel and professional management, clients to whom CNLC has successfully provided well-bore technical services, include, amongst others, PetroChina, ESSO, PHILLIPS, Agip, Shell, JNOC, Amoco, Chevron, GNPOC,PDOC, NIOC, PDVSA, POL and Aktobemynaigas.
Given its ability to provide integrated well services of internationally accepted standards, CNLC, as a fast growing company, is desirous of and capable and willing to establish, maintain and strengthen co-operative relationships with clients all over the world.
About Mr Ding Guiming - MEC Principal Consultant
Mr Ding Guiming, a former President of the world's largest oil producers (and former senior Chinese Government Ministerial official) is a key member of the MEC advisory panel.
Mr Ding was the former Head of Exploration for the China National Petroleum Company (CNPC), where he directed the exploration activity of more than 20 oilfields all over China. CNPC recently announced USD 86 Billion in revenue.
"In addition to being President of the Daqing Oilfield, one of the largest and most profitable enterprises in China, Mr Ding has had 34 years of extensive, successful oilfield experience that will be invaluable for MEC Resources" said Mr Goh.
Mr Ding last served as Commissioner of the China State Asset Administration Office, where he reported directly to the Prime Minister's office. He supervised the reform of BaoSteel, Wuhan Steel and ChangJiang Shipping, all of which were major Chinese state enterprises. He retired from this position in 2004 achieving the rank of Vice Minister.
Prior to that, Mr Ding was Assistant President of CNPC in Beijing from 1997 to 1998 where he oversaw the exploration and production bureau of CNPC oilfields in China.
Before moving to CNPC, he was the President of Daqing Oilfield, the biggest oilfield in China with production of 1.2 million barrels per day. In this capacity, Mr Ding managed the oil company as well as the service companies of Daqing Oilfield.
Mr Ding graduated from Chengdu Geology University majoring in geology. He is also Director of LianZhongYisheng Petroleum Exploration Co. Ltd, a Beijing based company.
About Mr Hock Goh
Joining the Board of Directors of MEC as Chairman in 2006, Mr Goh is an important step in the development of the company's Australian oil and gas interests.
Until recently, Mr Goh was President of Network and Infrastructure Solutions, a division of Schlumberger Limited, based in London with revenue in excess of US$1.5 billion. He had global responsibility of Schlumberger's outsourcing services, security, business continuity and networked related business units.
Prior to that, Hock was President of Schlumberger Asia based in Beijing, China where he managed their Asian operations consisting of a broad range of services including oil field services, outsourcing, financial software and smartcards. Hock was responsible for US$800 million in revenue and more than 2,000 employees spread across 17 countries.
In his 25 year career with Schlumberger, Hock held several other field and management responsibilities in the oil and gas industry spanning more than ten countries in Asia, the Middle East and Europe. Hock started as an oil field service engineer in Indonesia in 1980 before moving to Australia where he worked on the rigs in Roma, Queensland, Bass Strait in Victoria and the Northwest Shelf, offshore Western Australia.
Mr Goh is also an operating partner with Baird Capital Partners, the U.S. based buyout fund of Baird Private Equity, providing change-of-control and growth capital to middle-market companies. Baird Private Equity has raised and managed $1.7 billion in capital.
Hock is the Chairman of Netgain Systems, a network monitoring software provider. He also serves on the Board of Xaloy Holdings, a US based steel components manufacturer for the plastic industry, as well as an independent director of THISS Technologies Pte Ltd, a Singapore based satellite communication provider. He received his B Eng (Hons) in Mechanical Engineering from Monash University, Australia. He also completed an Advanced Management Program at INSEAD/ France in 2004.
About MEC Resources Limited
MEC Resources (ASX:MMR) aims to achieve maximum capital appreciation by early stage investing into small and medium-sized energy and minerals exploration companies with strong growth potential and a well-defined exit strategy, such as an initial public offering or acquisition.
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