2010-05-13
Iraq to sign Maysan oilfield deal with CNOOC, TPAO
BAGHDAD, Iraq will sign a final deal with China's CNOOC and state-run Turkish Petroleum Corporation (TPAO) to develop the 2.5-bilion-barrel Maysan oilfield complex on Monday, a senior oil official said.
China's Sinochem is no longer a part of the deal, Abdul-Mahdy al-Ameedi, director of the Oil Ministry's licensing and contracting office, told Reuters on Thursday.
Iraq to sign Maysan oilfield deal with CNOOC, TPAO
BAGHDAD, Iraq will sign a final deal with China's CNOOC and state-run Turkish Petroleum Corporation (TPAO) to develop the 2.5-bilion-barrel Maysan oilfield complex on Monday, a senior oil official said.
China's Sinochem is no longer a part of the deal, Abdul-Mahdy al-Ameedi, director of the Oil Ministry's licensing and contracting office, told Reuters on Thursday.
"Sinochem was not interested in the deal," he 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.
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.CNOOC and its new partner TPAO set a plateau target for the oilfields at 450,000 barrels per day (bpd) after six years and agreed on the same remuneration fee of $2.30 a barrel, said Ameedi.
CNOOC will hold an 85 percent stake in the foreign companies' part of the venture, while TPAO will have 15 percent, he added. An Iraqi state oil company will hold a 25 percent stake in the total partnership.
The deal would be the 11th of 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 the deals will generate petrodollars to rebuild its shattered economy after decades of war and sanctions.
related articles ~
