CNPC Consortium Seals Deal To Develop Field
By Sinan Salaheddin |
December 23, 2009, Wednesday
|
Print Edition
Print Edition
AN Iraqi oil official says a preliminary deal has been inked with a consortium led by China's CNPC to develop a promising oil field in southern Iraq.
Oil Ministry spokesman Assem Jihad says CNPC and partners Malaysia's Petronas and France's Total initialed the deal yesterday during a signing ceremony in Baghdad.
The deal calls for the consortium to develop the 4.1 billion barrel Halfaya field for US$1.40 per barrel produced. Jihad says the consortium plans to raise production from the current 3,100 barrels per day to 535,000 barrels per day over 13 years.
The 20-year deal still needs the nod from Iraq's Cabinet.
The new deal raises CNPC's presence in Iraq. It already has two other deals to develop oil fields in Iraq.
Oil Ministry spokesman Assem Jihad says CNPC and partners Malaysia's Petronas and France's Total initialed the deal yesterday during a signing ceremony in Baghdad.
The deal calls for the consortium to develop the 4.1 billion barrel Halfaya field for US$1.40 per barrel produced. Jihad says the consortium plans to raise production from the current 3,100 barrels per day to 535,000 barrels per day over 13 years.
The 20-year deal still needs the nod from Iraq's Cabinet.
The new deal raises CNPC's presence in Iraq. It already has two other deals to develop oil fields in Iraq.
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