SHANGHAI :
Zhongman Group Wins USD233 Million Drilling Contract in Russia
Tang Shihua
DATE:  Nov 27 2018
/ SOURCE:  yicai
Zhongman Group Wins USD233 Million Drilling Contract in Russia Zhongman Group Wins USD233 Million Drilling Contract in Russia

(Yicai  Global) Nov. 27 -- Zhongman Petroleum and Natural Gas Group will  provide drilling services worth RUB1.9 billion (USD223 million) to  Russia's largest independent natural gas producer Novatek. 

Zhongman's  Russian unit signed a contract with Novatek affiliate Yargeo, Zhongman,  the Shanghai-based driller said in a statement.

The  firm will carry out the drilling at Yargeo's oilfield in Yamalo-Nenets  Autonomous Okrug in West Siberia, according to the contract, which is  valid until Dec. 31, 2020. YNAO is Russia's key natural gas producing region, and accounts for 90 percent of the country's total output and 17 percent globally.

The deal marks the first such contract inked between Zhongman and Novatek, and the firm's second to be won in Russia. Zhongman  has been actively expanding into overseas markets in recent times,  successively winning several contracts in Iraq, Russia, Ukraine,  Pakistan and other countries.

Editor: William Clegg

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Keywords:   Energy,Petroleum,Russia,NOVATEK,YARGEO,One Belt One Road