China Oilfield Services, a unit of the nation's third-largest oil producer, won a contract to supply four drilling rigs to Libya for about US$100 million. China Oilfield will deliver two 7,000-metre and two 5,000-metre drilling rigs over three years starting in March, the Beijing-based company said on its Website.
The oil and gas services company, whose main customer is Cnooc Ltd, aims to expand both at home and abroad to benefit from increased exploration spending after oil prices surged. 'This is the company's first overseas onshore drilling contract,' Yuan Guangyu, vice-chairman of China Oilfield, said in the statement. 'We see Libya as the starting point to expand our broad range of oilfield services to overseas markets such as the Middle East and Northern Africa.'
The oil and gas services company, whose main customer is Cnooc Ltd, aims to expand both at home and abroad to benefit from increased exploration spending after oil prices surged. 'This is the company's first overseas onshore drilling contract,' Yuan Guangyu, vice-chairman of China Oilfield, said in the statement. 'We see Libya as the starting point to expand our broad range of oilfield services to overseas markets such as the Middle East and Northern Africa.'