Greka Drilling signs with China National Petroleum Corporation

Greka Drilling has signed a contact with China National Petroleum Corporation (CNPC) for works on an oil well in Shizhuang, Shanxi.

Greka Drilling has signed a contact with China National Petroleum Corporation (CNPC) for works on an oil well in Shizhuang, Shanxi.

The largest independent and specialised unconventional oil and gas driller in China will provide its services to CNCP's well in the contract to be completed early next year.

CNCP signed up for Greka's LiFaBriC drilling operation after traditional services from other companies failed to meet expectations.

Advertisement - Article continues below

A LiFaBriC well will be drilled at CNPC's Zhengzhuang Block in the Qinshui Basin.

CNPC is China's largest state-owned energy enterprise and a controlling shareholder of PetroChina. The company has announced plans to drill up to 2,000 wells in 2013 across its property.

Randeep Grewal, Chairman and CEO of Greka Drilling, said: "The significance of securing a contract directly with CNPC is a defining moment in time for the company. We have set new milestones in the drilling services sector in China, both technical and operational. The years of research and development are starting to become understood and appreciated within China by those that matter."

He said the initial agreement could pave the way for future contracts with CNPC.

Greka is also drilling on Sinopec and Green Dragon Gas properties during 2013.

Shares rose 4.23% to 9.25p at 12:35 Friday.




Investment strategy

Broker safety – your questions answered

Cris Sholto Heaton answers more of your questions about the safety of stockbroker accounts
25 Mar 2020
Investment strategy

How demographics affects stock valuations

New research suggests that stock and bond valuations are driven by the age of the population – at least in the US.
24 Feb 2020
Stocks and shares

Do you own shares in Sirius Minerals? Here’s what you need to do now

Mining giant Anglo American has proposed a cash takeover of Yorkshire-based minnow Sirius Minerals. Unhappy shareholders must decide whether to accept…
20 Feb 2020

Why investors should be “cautiously bullish” for 2020

Analysts have been out in force making rosy predictions for stockmarkets in 2020, but while there is certainly a case for optimism, investors should r…
17 Jan 2020

Most Popular

EU Economy

Here’s why investors should care about the EU’s plan to tackle Covid-19

The EU's €750bn rescue package makes a break-up of the eurozone much less likely. John Stepek explains why the scheme is such a big deal, and what it …
28 May 2020

As full lockdown ends, what are the risks for investors?

In the UK and elsewhere, people are gradually being let off the leash as the lockdown begins to end. John Stepek looks at what risks remain for invest…
29 May 2020
Global Economy

The MoneyWeek Podcast: James Ferguson on the virus, the lockdown, and what comes next

Merryn talks to MoneyWeek regular James Ferguson of Macrostrategy Partnership about what's happened so far with the virus; whether the lockdown was th…
28 May 2020