(Yicai Global) March 24 -- China's Zhongman Petroleum and Natural Gas Group has won its first oilfield drilling contract in Algeria.

ZPEC has penned a three-year USD36.4 million agreement with Groupement Bir Seba, the operator of Algeria's Bir Seba field, the Shanghai-headquartered service provider said in a statement yesterday. The operator is a joint venture between Vietnamese, Thai and local investors.

The deal should spread ZPEC's influence in North Africa to increase its overseas market share, it added. The contract, which equals to about 19 percent of ZPEC's audited revenue in 2018, should have a positive impact on its performance till 2023, it added. 

Before this, ZPEC has landed oilfield drilling gigs in Iraq, Russia, Ukraine, and Pakistan.

ZPEC's stock price [SHA: 603619] rose by 1.9 percent to CNY12.59 (USD1.80) this morning.

Editor: Emmi Laine