Iraq Expects to Approve Maysan Oilfield Deal Soon

Source: Reuters 3/2/2010, Location: Middle East

Iraq's cabinet is expected to approve in the coming days a contract with China's CNOOC to develop the 2.5-billion-barrel Maysan oilfield complex, Oil Minister Hussain al-Shahristani said.

CNOOC, together with Sinochem, made an unsuccessful bid for the three Maysan fields in Iraq's first auction of oilfield contracts last year. Since then CNOOC had decided to accept the government's proposed remuneration fee of $2.30 for every additional barrel of oil produced.

"With any contract, we present the issue to the cabinet and when the approval comes, we inform the company ... to (be able to then) sign the contract. I expect this to be in the coming days," Shahristani said.

The deal would be another in a series of contracts that Iraq has signed in a bid to boost its output capacity to 12 million barrels per day, rivalling top producer Saudi Arabia, from around 2.5 million bpd now.

The Iraqi government is hoping that the deals will generate petrodollars to rebuild its shattered economy.


Qatar >>  6/19/2022 - QatarEnergy has chosen Eni as a new international partner in the North Field East expansion project.

The Minister of State for Energy Affai...

Qatar >>  6/2/2022 - North Oil Company (NOC) has awarded McDermott International a Front-End Engineering Design (FEED) contract for the Ruya Development, formerly known as...

Saudi Arabia >>  5/30/2022 - JGC Holdings Corporation (Representative Director, Chairman and CEO Masayuki Sato) announced today that JGC Corporation (Representative Director and...

Related Categories: Camp Building  Cleaning Equipment, Services  Communication  Corrosion Products/Services  Development  Exploration  Food Supplies  General  Labor Services  Land & Leasing  Mine Clearance  Oil & Gas Companies  Production  Service Companies  Skilled Labors  Transportation, 4X4 Trucks  Unskilled Labors  Utility Systems  Waste Disposal  Water Supply Services  Welding Products/Services 

Related Articles: Camp Building  Cleaning Equipment, Services  Communication  Corrosion Products/Services  Development  Exploration  General  Labor Services  Land & Leasing  Mine Clearance  Oil & Gas Companies  Production  Service Companies  Skilled Labors  Transportation, 4X4 Trucks  Utility Systems  Waste Disposal  Water Supply Services  Welding Products/Services 


Gulf Oil and Gas
Copyright © 2021 Universal Solutions All rights reserved. - Terms of Service - Privacy Policy.