Chinese Firm signs $390m Drilling Contract at Rumaila
By John Lee.
China's Zhongman Petroleum and Natural Gas Group Corporation (ZPEC) has signed a major drilling engineering service contract for Iraq's giant Rumaila oilfield.
The contract was signed on Sunday with the Basra Energy Company Limited (BECL), which was set up in 2021 to operate the field, and announced to the markets on Wednesday.
Contract amount is expected to be approximately USD 390 million (approx. RMB 2.796 billion), and the deal is expected to last 4.5 years.
The company said it expects the contract to have a significant positive impact on the company's business from 2024 to 2028.
(Source: Shanghai Stock Exchange)