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BEIJING, Jan. 19, 2021 /PRNewswire/ -- Recon Technology, Ltd. (NASDAQ: RCON), ("Recon" or the "Company"), a China-based independent solutions integrator in the oilfield service, electric power and coal chemical industries, today announced that the Company successfully completed the design and implementation of an intelligent control platform system (the "System") for North China E&P Company (the "North China Branch") of China Petroleum & Chemical Corporation ("Sinopec"), according to a technology service agreement (the "Agreement") signed between one of Recon's subsidiaries and the North China Branch of Sinopec in October 2020.
The System will help Sinopec analyze the data collected by the sensors installed on electrical submersible pumps (the "ESPs") of gas wells using AI algorithm automatically and monitor and control the operation of the ESPs according to the analysis. This is the first time that intelligent technology is used in Sinopec's production wells using ESPs. Many gas and oil producing wells require an artificial lift to increase the flow of fluids when the reservoir pressure is not high enough. Typically, ESPs are used but are not always operating efficiently and can cause costly downtime for operators. The several months' testing and examination has proved that the System is efficient and effective in prolonging service life of ESPs and improving economic performance of gas wells.