CNPC’s Daqing unit awarded 1.4 billion yuan drilling contract in Iraq
A DRILLING subsidiary of China National Petroleum Corp (CNPC) has won an engineering, procurement and construction contract worth 1.4 billion yuan (S$261.4 million) to drill wells with two rigs in Iraq’s Rumaila oilfield, the company said late on Thursday (Aug 10).
The contract, awarded to CNPC Daqing Drilling Engineering, was the single largest overseas contract the company has secured in the past five years, according to a statement posted on the company’s official WeChat account.
The statement did not provide the number of wells to be drilled under the contract.
Daqing Drilling began providing its well-drilling service in the Rumaila oilfield in 2010, shortly after CNPC and BP signed a 20-year service contract with Baghdad to develop the giant oilfield.
Iraq planned to increase its oil production capacity to around 7 million barrels per day in 2027, with main increases coming from Rumaila and West Qurna-2, an Iraqi state oil official said last November. REUTERS
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
Companies & Markets
Pfizer lifts 2024 profit view on cost cuts, higher Covid vaccine demand
Shell exits China power market businesses
DuPont beats profit estimates, raises full-year forecasts
Binance founder Zhao Changpeng gets four months in prison
Apple set for big sales decline as investors await AI in iPhones
Microsoft, Brookfield to partner on renewable energy projects