Halfaya trio sign on dotted line

** FILE ** An Iraqi worker operates the valves at the oil fields of Rumailah, near the southern city of Basra, Iraq, in this Aug. 28, 2005 file picture. Oil prices extended gains from a late rally in the previous session, driven by expectations OPEC will maintain its current output at a meeting later Tuesday, Sept. 11, 2007. (AP Photo/Nabil Al-Jurani, File)

NABIL AL-JURANI

related stories

By News Wires

 27 January 2010 12:46 GMT

Iraq's Oil Ministry signed a final contract to develop the Halfaya oilfield with China National Petroleum Company (CNPC), French giant Total and Malaysian state-run producer Petronas.



Halfaya, in southern Iraq, has estimated reserves of 4.1 billion barrels of oil. CNPC is the majority partner, a Reuters report said.

The Halfaya deal is one of several Iraq projects to be signed this month that could turn it into one of the world's three biggest oil producers and give it the billions of dollars it needs to rebuild after decades of war, sanctions and economic decline.

The deals emerging from two oil contract auctions last year could raise Iraqi output capacity in seven years to 12 million barrels per…

Become an Upstream member!

Membership includes a subscription to our weekly newspaper providing in-depth news from the energy industry, plus full-access to this site and its archives. Still not convinced? Try our free trial.

Already a member?

Login

Upstream share price index