Greka Drilling wins two new contracts with PetroChina

Greka Drilling has been awarded two new contracts with PetroChina Huabei Oilfield, a subsidiary of CNPC, for the ANZE block in China.

Each of the new contracts is for 18 months, with a scope of 10 directional wells, each to be drilled on multi-well pads.

Greka Drilling said the estimated aggregate value of the two contracts was RMB13.6m (approximately US$2.1m).

Greka Drilling said the contract for PetroChina's ANZE block announced in August has been completed with 10 wells being drilled with an average completion time from spud to release of 9.73 days and an average depth of 1,350m.

The company also said it was in discussions with Oil and Natural Gas Corporation Limited which may lead to material modifications including termination of the Bokaro drilling contract in India announced on 16 Nov.

It said a further announcement in relation to this contract would be made in due course.

Chairman Randeep S. Grewal said: 'The awarding of these new contracts by PetroChina has been the result of a strong drilling performance by the company's advanced rigs and experienced crews.

'We expect more contracts to be awarded in the near future as China operators continue to ramp up their drilling programs to meet the country's increasing demand for clean energy through CBM gas.

'We are seeking to clarify the situation in relation to the ONGC contract and will provide an update when appropriate.'