CNPC win cheap baseball jerseys s Halfaya oil field exploration right in Iraq
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CNPC wins Halfaya oil field exploration right in IraqPublished: 13 Dec 2009 19:52:43 PST

More From ChinaKnowledge.comChina Economy DataChina Business GuideChina DemographicChina Industrial ParksChina Financial Market Dec. 14, 2009 (China Knowledge) - China National Petroleum Corp, parent of PetroChina Co Ltd<601857><0857><PTR>, recently teamed up with Paris-based Total and Malaysian Petroliam Nasional Bhd, or Petronas, and has won the exploration right in Iraq's Halfaya oil field, sources reported.

CNPC holds a 50% stake in the consortium, while Total and Petronas each has a 25% stake.

The oil field, which is located in South Iraq and has crude oil reserves estimated at around 4.1 billion barrels, currently produces about 3,000 barrels per day. The consortium has set the target to produce 535,000 barrels of crude oil per day, with a remuneration fee of US$1.40 per barrel.

This is the third oil field bidding CNPC won in Iraq.

According to China Knowledge's earlier report, U.K.-based BP Plc and CNPC on Jun. 30 won the bid to develop the Rumaila oil field, the largest oil field in Iraq, for 20 years.

In November last year, CNPC inked a US$3 billion worth of contract to develop the Al-Ahab oil field in Iraq, and the oil field started operation in March this year.

At present, Iraq yields around 2.2 million barrels of crude oil per day, and the Iraqi government hopes to increase the daily output to 4 million barrels in the next four to five years through oil field auction.


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