Croatia’s CROSCO signs $55 million deal with UGV to drill 12 gas wells in Egypt, Iraq

CROSCOUkrainia’s UkrGasVydobuvannya (UGV) has said it signed a 47 million euro ($55.6 million) contract with Croatia’s CROSCO for the drilling of 12 natural gas wells in Egypt and Iraq.

UGV has signed two contracts with CROSCO, each for the drilling of six wells at EMSCO-605 land rig in Egypt and R-67 land rig in Iraq, the Ukrainian company said in a statement on Tuesday.

The start of drilling works is scheduled for the third quarter of 2017, with CROSCO planning to drill four wells annually, UGV noted.

Zagreb-based CROSCO is an integrated onshore and offshore drilling and well services contractor. It is part of Croatian oil and gas company INA.

CROSCO

CROSCO, Integrated drilling and Well Services Co., Ltd. is pleased to announce signing of contracts for drilling and well operations with Ukrainian state company Pjsc Ukrgasvydobuvannya (UGV), one of the largest oil and gas business operators in Ukraine.

Contract for drilling six wells, with total value of 23,4 ml EUR, for Lot 10 CROSCO signed on June 6th, 2017 and second contract for drilling separate six wells, with total value of 23,6 ml EUR, for Lot 8 signed on July 4th, 2017.

Commencement of drilling operations on Lot 10 with 2000 HP land drilling rig EMSCO-605 and on Lot 8 with 2000 HP land drilling rig R-67 is scheduled for third quarter of year 2017 and it is planned to drill two wells per year on each Lot.

(Sources: SeeNews & CROSCO)

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