China North East Petroleum (NEP) Expands into Oilfield Services, Buying up Tiancheng Drilling
China North East Petroleum Holdings Limited today announced the acquisition of controlling interest in Song Yuan Tiancheng Drilling Engineering Co. Ltd. (Tiancheng), via a $130-million USD purchase. NEP is a trailblazer in the privatized, crude oil production sector of Northern China, and is the first privately owned oil exploration and production operation to be traded on NYSE Amex. NEP has guaranteed access to Chinese markets for their crude oil due to an arrangement with PetroChina, and currently operates 4 large fields, including China’s largest, a 2,696-acre field with geological reserves estimated to be in excess of 37.4 million barrels. Tiancheng…