CNPC Gets First Al-Ahdab Payment

Source: Reuters 12/30/2011, Location: Middle East

State-owned China National Petroleum Corp (CNPC) has received its first cargo of crude oil as payment for helping develop Iraq's Al-Ahdab oilfield, the top Chinese oil firm said. A CNPC unit picked up the 650,000 barrels of oil on Dec 29; following a framework deal with Iraq's state oil sales company in June, CNPC said in its in-house newspaper.

The parent of PetroChina Co Ltd started work on the Al-Ahdab oilfield in March 2009 after successfully renegotiating an old development deal. The field had estimated reserves of 1 billion barrels.

Output in the field in the first phase reached 60,000 barrels per day in June, half a year earlier than planned, and the construction of the second phase with capacity of 120,000 bpd was completed on Friday, three years ahead of schedule, CNPC said.

CNPC, the first foreign oil company to sign an oil service contract in Iraq after former president Saddam Hussein was toppled, has also started to get paid for developing Iraq's largest Rumaila oilfield along with BP. CNPC is also developing Iraq's Halfaya oilfield along with France's Total SA and Malaysia's Petronas.


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