New Times Energy is engaged in oil & gas exploration and exploitation business as well as strategic investment in oil & gas related businesses.
In May 2009, the Group has secured the Tartagal and Morillo concessions for exploration and potential exploitation permits of oil & gas in Salta Province in northern Argentina covering a total surface area of approximately 7,065 and 3,518 square kilometers respectively. It is one of the largest oil exploration land parcels open for tender in Argentina. The project is located next to oil transport facilities such as oil pipelines and refineries and is surrounded by key production fields operated by Pan America, Chevron and others. (...more)
In December 2011, the Group has acquired 80 acres in the Uinta Basin of by working over 2 wells in the Willow Creek field area. The Group also acquired an additional 1,600 acres in the area by drilling 5 additional new wells.
The State of Utah is ranked 11th in the United States in crude oil production and 9th in natural gas production. Some of the Utah region's largest operators include Newfield, Devon, Exxon Mobil, Resolute, El Paso E&P and many others. (...more)
In July 2011, the Group entered into a joint venture with TXX Energy Corporation of Tyler, Texas, USA to acquire oil production properties in the southern United States. The venture is named ET-LA, LLC, and currently contains properties in northwest Louisiana. The Company owns an 82.5% equity interest in ET-LA LLC, while TXX owns the remaining 17.5% and is operator for the venture. (...more)
The Group has also made an approximate 8% equity in Nordaq Energy Inc. in early 2011 by converting a US$5 million loan previously loaned to Nordaq. Nordaq Energy Inc. is a USA oil and gas corporation with operations and substantial on shore lease positions in the Cook Inlet on Alaska's southern coast. The Cook Inlet has been producing oil and gas for over fifty years and has extensive infrastructure in place, including pipelines, refineries and transport systems. (...more)
The Group is also engaged in downstream LNG projects in China including LNG gas stations, gasification of industrial parks and rural modernization projects, etc. (...more)