China to aid Philippines in extracting geothermal energy
Posted: 09 January 2006
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China Oilfield Services Limited (COSL) has signed a two-year geothermal well cementing services contract with Philippine National Oil Corporation (PNOC).
The $3.7 million contract includes 28 wells. Drilling operation is expected to commence in March.
Under the terms, COSL will provide PNOC with facilities, tools, manpower and technical support to help PNOC extract geothermal energy for power generation.
Yuan Guangyu, CEO and President of COSL, said: "International expansion strategy has always been one of the four strategies embraced by the company upon listing. Recently, apart from the new drilling contracts we obtained in Myanmar and Australia, we have also secured more and more international services contracts in other business segments.
“This contract signifies an important breakthrough for COSL's cementing services in the overseas market."
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