Iraq, China, Turkey ink oilfield deal
Press TV – May 17, 2010
Iraq’s oil minister says that his country has signed a deal with China’s CNOOC and Turkey’s TPAO firms to develop a major southern oilfield complex.
“Today is a very important day in the history of Iraqi oil production, with the development of very important fields in Maysan province,” Hussein al-Shahristani was quoted as saying by AFP on Monday.
The two companies agreed to be paid $2.30 per barrel of oil extracted from the Maysan fields, which has proven reserves of 2.6 billion barrels of oil, the report said.
Under the deal, output is projected to be ramped up to 450,000 barrels per day (bpd), compared to current production of around 100,000 bpd.
Iraq will have a 25-percent stake in the overall project. The remaining 75 percent will be shared in a 85 to 15 percent ration between the Chinese firm and TPAO respectively.
Since last year, Iraq has signed a total of eleven agreements with international oil companies to develop its vast oil reserves.
Once competed, the projects will allow Iraq to have crude production capacity of 12 million barrels per day in six to seven years.
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