China's ZPEC Wins USD25 Million Oil Drilling Contract in Iraq
Tang Shihua
DATE:  Dec 16 2019
/ SOURCE:  yicai
China's ZPEC Wins USD25 Million Oil Drilling Contract in Iraq China's ZPEC Wins USD25 Million Oil Drilling Contract in Iraq

(Yicai Global) Dec. 16 -- China's Zhongman Petroleum and Natural Gas Group, or ZPEC, has won a USD25 million contract to drill for oil in southern Iraq.

A Hong Kong-based ZPEC subsidiary signed the two-and-a-half-year deal with Weatherford Oil Tool Middle East, the parent company said in a statement on Dec. 13. Weatherford will make dollar payments as the project progresses, the statement added, without disclosing further details.

Shares in ZPEC [SHA:603619] opened 2 percent higher this morning but had simmered to CNY13.64 (USD1.95), a 1.4 percent gain, as of 2.46 p.m.

The company now has stable partnerships with four international oil companies, but this is its first project in Iraq, the firm added. It has won similar contracts in Russia, Ukraine, Pakistan and other countries.

Switzerland-based and US-listed Weatherford International is one of the world's biggest oil multinationals. It has runs oilfields, sells related equipment and explores and develops oil and gas resources worldwide.

Editor: James Boynton

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Keywords:   Zhongman Petroleum and Natural Gas Group,Iraq