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FINANCIAL NEWS
China’s CNPC starts oil output operations at Iraq’s Al Adhab
24 Jul 2011
(MENAFN) Iraqi oil officials said that China’s National Petroleum Corp. (CNPC) started production operations at Al Adhab oil field with an estimated output of 40,000 barrels per day (bpd), reported Gulf News.
The officials added that within few days, output at the oilfield would be expected to reach 60,000 bpd and 120,000 bpd by year-end, whereas by the end of next year, it would go up to 160,000 bpd.
They also said that CNPC signed a USD3 billion contract with the Iraqi government two years ago in order to develop the oilfield, the first major oil development agreement since the US led invasion to Iraq in 2003.
It is worth noting that oil from Al Adhab oilfield will be sent to a gathering station in Tuba in southern Iraq in order to be pumped to export terminals.
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