On March 14th, ZPEC and Basra Oil Company (BOC) signed a contract for provision of hoist completion services for Majnoon Oilfield, Iraq, worth a total amount of USD69.5M , or approximately 452 million RMB, with a duration of 2+1 years. The contract is a good return for ZPEC’s long-term deep cultivation in the Iraqi market and will have a positive impact on ZPEC’s operating performance from 2021 to 2023.
Majnoon Oilfield is one of Iraq’s nine giant oilfields, located some 60 km Northeast of Basra. Its proven oil reserves are about 12.6 billion barrels. BOC is an Iraqi State-owned oil company, mainly engaged in oil and gas development operations in Basra, Iraq., a partner of large oil field development organizations such as Rumaila, Zubair, and Majnoon in southern Iraq. It’s representing the Iraqi Ministry of Petroleum, and responsible for managing and participating in the development of multiple oil fields and infrastructure in southern Iraq.