CNPC Inks Oilfield Development Contract with Iraq

Source: www.gulfoilandgas.com 11/14/2008, Location: Middle East

CNPC President Jiang Jiemin and Dr. Hussain Al-Shahristani, Iraqi Minister of Oil, signed a 23-year service agreement on the development of the Al-Ahdab Oilfield in Baghdad. Another Chinese partner, Zhenhua Oil, also signed at the contract copy. The contract is among Iraq's first batch of joint-venture oil projects since the US-led invasion in 2003, and is significant to expanding strategic energy cooperation between the two countries.

The Al-Ahdab Oilfield is located 180 kilometers southwest to Baghdad, with a structural area of 200 square kilometers. CNPC will use advanced and applicable technologies to increase the oilfield's production capacity to 25,000 barrels per day within three years, and to 115,000 barrels per day within six years.


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