Chinese firm to drill oil fields in Persian Gulf | business | Hindustan Times
Today in New Delhi, India
Jan 22, 2017-Sunday
-°C
New Delhi
  • Humidity
    -
  • Wind
    -

Chinese firm to drill oil fields in Persian Gulf

business Updated: Mar 07, 2010 08:11 IST
IANS
Highlight Story

Iran and China have signed a $143 million-deal which will allow a Chinese firm to drill oil and natural gas fields in the Persian Gulf.

A contract has been signed by Iran's North Drilling Company (NDCO) and China Petroleum Technology Development Corporation (CPTDC) to set up a drilling rig in the Persian Gulf, NDCO chief Hedayatollah Khademi said.

"The CPTDC, which is a subsidiary of China National Petroleum Corporation (CNPC), will be delivering a drilling rig to the North Oil Drilling Company within the next 8 months to be used in the Persian Gulf's oil and gas fields," Khademi told Shana news agency on Saturday

The official said that his company has also finalised a deal with another Chinese firm for two jack-up rigs, planned to be installed in the Persian Gulf, Press TV reported.

China, which has been getting more than 15 percent of its oil from Iran, reportedly has commitments of more than $80 billion in the country's energy sector.

<