China's CNPC explores oilfields in Iraq |
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TOKYO, Jan 6 (KUNA) -- State-run China National Petroleum Corp. (CNPC), the country's largest oil and gas producer, has won the regulatory approval from the Iraqi government to explore oilfields in the Middle East country, Chinese media reported Tuesday.
CNPC, the first foreign company to deal with oilfield businesses in Iraq in the past 30 years, reportedly started to work on the Al-Ahdab oilfield project in Wasit, Iraq's eastern province, according to China Knowledge news service.
Under the terms of the USD 2.9 billion deal signed between the Iraqi government and CNPC in November 2008, the Chinese company is to help run the old oil project and gets paid for the services, rather than sharing the output with Iraqi state-owned firms.
Upon the completion of the project, the Al-Ahdab oilfield, which covers an area of 200 square kilometers, is expected to produce 25,000 barrels of crude oil per day (bpd) within three years and 115,000 bpd within six years, it said.
As early as 1997, China had received the right of oilfield exportation in Iraq but the contract can not come into effect due to the ongoing war, the report quoted Latiff Hamed Al-Tarfa, governor of Wasit, as saying.
© Copyright Kuwait News Agency 2009.
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