(Yicai) July 22 -- China Petroleum Engineering Corporation, the construction engineering unit of oil and gas giant China National Petroleum, has won a USD397 million contract for an oilfield renovation project in the United Arab Emirates, its third major contract in the country over the past ten months.

CPEC's unit China Petroleum Engineering and Construction Corporation will provide building, renovation, and upgrade services for the off-site facilities of the Asab Oilfield and its surrounding four satellite oilfields to Abu Dhabi National Oil Company Onshore, the Beijing-based parent firm announced on July 19.

The project aims to increase the oilfields' total daily crude oil output to 762,000 barrels from 630,000 barrels, CPEC said. The contract period is 45 months, it added, noting that the four surrounding satellite oilfields are Sahil, Shah, Qusahwira, and Mender.

The formal signing and successful implementation of the project will be conducive to CPEC consolidating and expanding its market share in the onshore oil and gas engineering construction business in the UAE, CPEC said. It will also positively impact the company's revenue and profit over the next four years, it added.  

CPEC previously won USD325 million and USD297 million oilfield infrastructure renovation project service contracts from ADNOC Onshore. The three projects are part of the UAE government's P5 oil production enhancement plan.

Shares of China Petroleum Engineering [SHA: 600339] closed 0.3 percent down at CNY3.05 (USD48) apiece in Shanghai today.

Editor: Martin Kadiev