(Yicai) Feb. 7 -- Jereh Oilfield Services Group said the private Chinese oil exploration engineering service provider has won an up to USD920 million contract from Abu Dhabi Company for Onshore Petroleum Operations to achieve intelligent production at three oilfields in the United Arab Emirates.

Jereh's subsidiary Jereh Oil & Gas Engineering Corporation–Abu Dhabi will oversee the project involving the intelligent transformation of various wellhead facilities in ADCO's Bab, Bu Hasa, and South East oilfields, the Yantai-based parent firm announced late yesterday. Development work is scheduled to take 42 months, it added.

Through the intelligent transformation of various production facilities, the oilfields will shift to unattended monitoring from traditional manual inspection, achieving intelligent production, Jereh said. The project will be executed through a combination of fixed and call-off orders, it noted.

The smooth implementation of the project will benefit Jereh's expansion into the onshore oil and gas field engineering service market in the UAE and even the Middle East, enhance its brand influence and market recognition, and positively impact its operating performance over the next three to four years, according to the company.

Jereh has been actively expanding overseas, establishing long-term cooperative relations with Middle Eastern oil and gas giants, including Saudi Arabian Oil Company, known as Saudi Aramco, Abu Dhabi National Oil Company, and Kuwait National Oil Company.

ADCO, a majority-owned subsidiary of ADNOC, operates around 12,000 square kilometers of oilfields and produces about 4 million barrels of crude oil a day, Jereh said, adding that it is one of the oldest oilmakers in the UAE.

Shares of Jereh [SHE: 002353] closed down 0.98 percent to CNY38.40 (USD5.27) apiece in Shenzhen today, after gaining as much as 2.1 percent in the morning but dropping as much as 1.9 percent in the afternoon.

Editor: Martin Kadiev