Wednesday, 25 August 2010

CNPC to start drilling Iraq's Halfaya field

China's National Petroleum Corporation (CNPC) has said that it will start drilling new wells next month in Iraq's Halfaya oil field as part of a plan to boost output to 70,000 b/d in 2011.

Iraq signed a contract with CNPC, Total and Petronas signed a contract to develop Halfaya oil field for a fee of $1.40 per barrel. CNPC has a 37.5 per cent interest in the consortium.

CNPC plans to build three appraisal wells this year, and is currently in the process of evaluating bids for the tender. The group's executive, Yan Shihe, said CNPC hopes to reach production of around 70,000 barrels per day and aims to drill around 15 new wells by 2011.

Source: Reuters

For more news and expert analysis about Iraq, please see Iraq Focus.

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