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Greka Drilling wins two new PetroChina contracts; seeking clarity over India deal

PetroChina Huabei Oilfield Limited, or PetroChina, which is a subsidiary of CNPC, has awarded Greka the work for its ANZE block...

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The China contracts are estimated to be worth around US$2.1mln.

Greka Drilling Ltd (LON:GDL) updated on contracts in India and China, where in the latter country,  it has been awarded two deals estimated to be worth around US$2.1mln.

PetroChina Huabei Oilfield Limited, or PetroChina, which is a subsidiary of CNPC, has awarded Greka the work for its ANZE block.

READ: Greka Drilling lands three-year drill contract in India

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

The contract for PetroChina's ANZE block, which was announced in August 2017, has been completed with 10 wells being sunk, Greka added.

Meanwhile, in India, Greka says it is in discussions with Oil and Natural Gas Corporation Ltd which may lead to changes or indeed the termination of the Bokaro drilling contract, announced last month.

"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," said Randeep S. Grewal, chairman at Greka.

READ: Greka Drilling reports 38% rise in first half revenue

"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."

Greka shares were down around 22% to 1.90p in early deals.

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Greka Drilling boss Grewal hoping to drill 250 wells

Randeep Grewal, the chief executive and chairman of Greka Drilling (LON:GDL), says he hopes the company will be able to drill close to 250 wells over the next 15-18 months. Grewal says it is difficult to predict the exact number of wells that will be drilled but is optimistic about the road...

on 09/24/2014

2 min read