Chinese Driller Pens USD19.4 Million Well Contracts With Rosneft Unit

中国一钻井工程服务公司签订1.34亿元俄罗斯探井项目合同
Published on: May 29, 2019
Author:

Chinese drilling engineering service provider Zhongman Petroleum and Natural Gas Group has penned two exploration well contracts worth CNY134 million (USD19.4 million) with a subsidiary under Russia’s largest oil firm Rosneft.

A Russian arm of the Shanghai-based firm, also known as ZPEC, will provide exploration services for Pur Oil and Gas at its oil field in Tyumen Oblast, Western Siberia, ZPEC said in a statement yesterday. The contracts will expire at the end of 2021 and 2022.

The deals mark ZPEC’s first tie-up with Pur Oil and Gas and kicks off plans to expand further into Russia’s oil industry, the statement added, saying it expects the partnership to positively impact performance from this year until 2022. ZPEC first entered Russia in late 2017.

Founded in 2003, ZPEC is China’s biggest privately owned drilling contractor and petroleum equipment manufacturer. It also has overseas operations in the United Arab Emirates, Iran and Iraq.

Source: Yicai Global

China News Natural Gas Oil & Gas