Monday, May 25, 2015

China, UAE oil firms sign 330 mln USD worth oilfield development project - 2015-05-18

ABU DHABI, May 17 (Xinhua) -- A subsidiary of China's oil and gas giant signed on Sunday a contract worth 330 million U.S. dollars with an onshore petroleum firm in Abu Dhabi, the United Arab Emirate (UAE), for a development project at the UAE's southern Mender oilfield.
The joint project between China Petroleum Engineering and Construction Corporation (CPECC) and Abu Dhabi Company for Onshore Oil Operations (ADCO) will help boost ADCO's daily crude production from 1.4 million barrels to 1.8 million by 2017.
Hou Haojie, general manager of CPECC, said the Mender project, which follows CPECC's successful work on programs to develop the emirate's crude pipeline and Asab oilfield, has demonstrated his company's growing market reputation and strong global competitiveness.
He also hoped that the two companies could work closely on the Mender project, and expand their cooperation in the future.