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Sinomine (Hong Kong) Rare Metals Resources Co., and Equinor Energy AS Sign a Framework Contract

Addtime:2019-10-16 17:53:00

                           

Recently, Sinomine (Hong Kong) Rare Metals Resources Co., Limited (“Sinomine Rare Metals”) signed a Framework Contract with Equinor Energy AS (“Equinor”), the national petroleum corporation in Norway and also one of the world’s top 500 companies. Sinomine Rare Metals is going to supply cesium drilling & completion fluid for the Statoil ASA’s oil drilling on the Norwegian continental shelf. The duration of is three years till 2022, and there are five options for the two-year extensions. The representative from Statoil ASA said that the cesium drilling & completion fluid in Huldra oil exploration operation subsequently improved drilling efficiency. Therefore they decided to continue using cesium drilling & completion fluid in subsequent activities to achieve better results.

Cesium formate is a slightly alkaline salt that can significantly improve the oil production rate and boring efficiency compared with the traditional drilling and completion fluids. Such fluid is also featured by its excellent biodegradation, thermal stability, high temperature resistance, low friction coefficient and low stuck risk. In addition cesium fluid is recyclable and very unlikely to cause metal corrosion. It has been widely used in high temperature and high pressure oil & gas drilling industry in the developed countries. So far, there are only two companies worldwide that have the technology to produce the high specification cesium formate liquor as drilling & completion fluid applicable in oil & gas industry, i.e. Sinomine (Hong Kong) Rare Metals Resources Co., Limited and Jiangxi Dongpeng New Materials Co., Ltd, both of which under Sinomine Resource Group Co., Ltd (a listed company in China, SZSX “002738”).

“Sinomine Rare Metals” is the fully owned subsidiary of Sinomine Group. It owns the world's largest pegmatite mine in production, which also the only cesium-dominant pegmatite deposit. It is present in many countries in the world, like the cesium production and processing plant in Canada, the cesium recycling plant in UK, and cesium compound sales network in China, US, Norway, and Singapore. The scope of business covers the whole process industry chain including mining, cesium products processing & sale and application of cesium drilling and completion fluid in oil & gas industry. Sinomine owns 126 patents certified by the United States and the European Union. Sinomine has built long-term business relationship with the world leading chemical enterprises, like Halliburton and Schlumberger, Equinor, Total, Shell, BP, etc.

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