China Oilfield wins $98m contract in RI

China Oilfield wins $98m contract in RI

BEIJING: China Oilfield Services Ltd., which helps companies drill for oil and gas, said it won a US$98.4 million service contract to drill wells in oil fields southeast of Sumatra in Indonesia.

China Oilfield will provide four rigs and project management services to Indonesia CNOOC SES Ltd. for five years starting May 4, the company said in a statement to the Hong Kong stock exchange on Monday.

China Oilfield is benefiting as oil prices rallied 22 percent this year, increasing demand for the company's drilling and rig services.

The Indonesian contract is the largest for China Oilfield's overseas well service business, the statement said. -- Bloomberg