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Greka Drilling Lands 100-well Sinopec Drill Contract

Source: www.gulfoilandgas.com 12/7/2012, Location: Asia

Chinese oil and gas services group Greka Drilling has reached a major milestone in its development, as it seals its first third party contract. The drill specialist was spun out of fellow AIM firm Green Dragon Gas in 2010, though until now the former parent was the company’s only customer – though it is still under long term contract to deliver GDG’s extensive drill programme.

Greka has now won a 100 well drill contract for Sinopec projects in China’s Ordos basin – a prolific oil and gas region in the Shaanxi province. The drilling work has been sub-contracted by Petro-king, a local Chinese services company with a business arrangement with Sinopec.

Work will start next year with 100 wells currently contracted to Greka, and after 20 wells the work programme will be evaluated ‘to ensure that mutual expectations are being met’, Greka said.

Overall, Sinopec is planning to drill 440 wells in this part of the Ordos basin to materially increase oil and gas production.

“We are confident that our rigs, skilled personnel and management are technological leaders within our niche in China and such a third party contract to drill on Sinopec property further validates the business and the team leading it,” said chief executive Randeep Grewal.

“We consider this contract to be the first of a number of third party contracts to achieve the objective of maintaining revenues derived by Greka Drilling from its affiliate, Green Dragon Gas at below 33% of total revenues.

We are well on the way to becoming a significant service provider within the oil and gas sector in China.”

The anticipated 100 well contract runs for twelve months from January 2013 and it is renewable by mutual agreement. Greka’s revenues under the contract will come via customary rates for vertical and directional metres drill, as well as daily rig charges and standby charges.

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Related Articles: Artificial Lift  Cementing, Stimulation  Directional Drilling  Drilling  Drilling Engineering & Equipment Systems  Enhanced Oil Recovery  General  Logging, Perforating, Testing  Offshore Drilling  Reservoir/Completion Consultants  Workover & Well Services  Workover Rigs/Services 


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