Iraq's second global oil auction ends
Tuesday, 15 December 2009
BEIJING, Dec 14 (Commodity Online): Second global auctions for Iraqi oil fields ended with more global players winning various oil fields in the war torn country.
China's CNPC led consortium that include France's Total and Malaysia's Petronas have won the exploration right in Iraq's Halfaya oil field.
The oil field, which is located in South Iraq and has crude oil reserves estimated at around 4.1 billion barrels, currently produces about 3,000 barrels per day.
The consortium has set the target to produce 535,000 barrels of crude oil per day, with a remuneration fee of $1.40 per barrel.
CNPC holds a 50 per cent stake in the consortium, while Total and Petronas each has a 25 per cent stake.
This is the third oil field bidding CNPC won in Iraq. UK-based BP Plc and CNPC on Jun. 30 won the bid to develop the Rumaila oil field, the largest oil field in Iraq, for 20 years.
China's CNPC led consortium that include France's Total and Malaysia's Petronas have won the exploration right in Iraq's Halfaya oil field.
The oil field, which is located in South Iraq and has crude oil reserves estimated at around 4.1 billion barrels, currently produces about 3,000 barrels per day.
The consortium has set the target to produce 535,000 barrels of crude oil per day, with a remuneration fee of $1.40 per barrel.
CNPC holds a 50 per cent stake in the consortium, while Total and Petronas each has a 25 per cent stake.
This is the third oil field bidding CNPC won in Iraq. UK-based BP Plc and CNPC on Jun. 30 won the bid to develop the Rumaila oil field, the largest oil field in Iraq, for 20 years.