The situation of the Saudi branch of Sinopec International Petroleum Engineering 50

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On January 1, 2015, the reorganized SEG (Sinopec Refining & Chemical Engineering Group) Saudi Arabian Company began to operate. This will be conducive to the integration of SEG's resources in Saudi Arabia, the expansion and strengthening of the Middle East (Gulf) market, the improvement of international market competitiveness, the level of international project management, and the laying of a solid foundation for the long-term stable development of SEG in Saudi Arabia and even the Middle East and Gulf region.

Sinopec Refining & Chemical Engineering Saudi Arabia signed a contract with Saudi Aramco for the total purchase and construction price of the Jubail Refined Tank Farm Project, with a contract value of US$78.84 million and a contract period of 580 days, according to Sinopec's official Weibo account.

This is the first contract signed by a Saudi company after the physical operation of the year and the first to enter the Saudi market directly with Saudi Aramco.

Since the beginning of this year, Sinopec Oilfield Service has closely focused on the 2015 business objectives and work plan, strictly managed internally, innovated market development, and carefully managed overseas projects, and achieved remarkable results. In the case of the international precipice, the significant reduction of investment by oil companies, and the sharp reduction of global exploration and development workload, we actively responded to the "market winter", went all out to develop the market, strengthened project management, and achieved contrarian development in the wellbore engineering business of Saudi Arabia and Kuwait.

Saudi Arabia grows to become Saudi Aramco's largest petroleum engineering contractor.

Up to now, Sinopec has 51 drilling rigs in Saudi Arabia, and from January to June this year, a total of 199 wells were drilled, 198 wells were drilled, and the contract value was 300 million US dollars, an increase of 76 million US dollars over the same period last year.

The drilling project continues to maintain safe, high-quality and efficient production, which has been fully recognized and highly praised by Aramco. Among them, the SP103 drilling team achieved continuous full-day rates and was highly praised by Party A, and another 6 well teams were commended by Aramco for one year of loss-free working days, and 1 well team was commended for two years of loss-free working days.

In order to ensure the follow-up market of wellbore in Saudi Arabia, the International Petroleum Engineering Company and the petroleum engineering companies in various regions have fully supported the Saudi branch to carry out the professional qualification review of various wellbore of Aramco, and have obtained the qualification of gas well drilling, and are currently organizing relevant personnel to go to Saudi Arabia to prepare the qualification examination documents.

The scale of the wellbore engineering business of the Kuwait branch continued to expand.

Kuwait branch pays close attention to unified management, realizes resource sharing, and continuously improves comprehensive economic benefits. Since the start of the first drilling rig on November 2, 2009, after more than 5 years of development, it has grown into the largest drilling and workover contractor of Kuwait Oil Company, up to now 42 drilling and workover rigs are executing contracts, with a total of 411 wells drilled and 1,158 workovers, with a cumulative contract value of 700 million US dollars.

From January to June this year, the Kuwait branch drilled 64 holes and completed 50 holes; The contract value of the completed contract is 100 million US dollars, which is the same period last year.

Kuwait Company continuously strengthens project management to ensure the safe, efficient and smooth operation of the project. Establish a unified production management platform and unified production management standards; Adhere to the regular production meeting system, and give full play to the collective wisdom of the project department of the company in each region; Unified production coordination and sharing of logistics resources. As of June 30, 26 of the 27 drilling and workover rigs that won the bid last year have been started ahead of schedule and successfully drilled, according to statistics, a total of 2,444 days ahead of the date required by the contract, and a total of 1.88 million dinars, equivalent to 6.24 million US dollars, were awarded for early drilling.

In recent years, Sinopec Oilfield Service has not only gained a firm foothold in the Saudi Arabian and Kuwaiti markets with strict standards, strong competitors and fierce competition by virtue of its technical strength and service capabilities, but also won a good reputation, becoming the largest onshore drilling engineering contractor of Saudi Aramco and Kuwait National Oil Company. At present, the contract value being executed in the two major markets of Saudi Arabia and Kuwait has reached 100 million US dollars, of which the Saudi market is 100 million US dollars and the Kuwait market is 100 million US dollars. As of June, Sinopec had a total of 51 drilling rigs in Saudi Arabia, drilled 199 wells in the first half of the year, completed 198 wells, and completed a contract value of US$300 million, an increase of US$76 million over the same period last year.

The SINOPEC3106** team of the Geophysical Victory Branch and the Saudi Aramco Company of Party A on the experimental exploration block of the NAQA block are currently under construction in the hinterland of the Rub al-Khali Desert in Saudi Arabia.

The Yanbu Refining and Answering Plant in Saudi Arabia, a joint venture between Sinopec and Saudi Aramco, has a designed processing capacity of about 20 million tons per year, and is the largest Chinese investment project in Saudi Arabia.

Team SINOPEC3106** of the Geophysical Victory Branch and Saudi Aramco are working on a project in the heart of the Rub al-Khali Desert in Saudi Arabia for a real-life Naqa Block project.