(Yicai Global) March 30 -- Zhongman Petroleum and Natural Gas Group has won its first oilfield drilling contract in oil-rich Saudi Arabia worth USD120 million, the private Chinese oil driller said yesterday.
It is the first contract that the Shanghai-based firm, also known as ZPEC, has signed with oil major Saudi Aramco, demonstrating that its oil drilling abilities have received recognition from the world’s biggest oil producers, it said.
The project will take place over the next five years and payments will be made on a monthly basis, it said, without going into further details.
The Saudi contract is another feather in ZPEC’s cap which has been actively expanding its drilling service business overseas and recently secured deals in Iraq, Russia, Ukraine, Pakistan and Algeria.
ZPEC’s share price [SHA:603619] closed up 1.25 percent today at CNY9.71 (USD1.48). Earlier in the day it had reached CNY10.20, a gain of 6.3 percent.
Editor: Kim Taylor