Iraq finalizes oil deal to Cnooc, TPAO

17 May 2010

(MENAFN) The Iraqi Oil Ministry said that it has signed a final deal with China’s CNOOC and state-run Turkish Petroleum Corporation (TPAO) to develop the 2.5-billion-barrel Maysan oilfield complex, Reuters reported.

The deal is the 11th of a series signed since last year with international oil companies to develop the war-damaged country’s vast oil reserves, and which have the potential to vault Iraq into second place in the league of oil producing nations.

If all the agreements work out, Iraq could have crude production capacity of 12 million barrels per day, close to top producer Saudi Arabia, in six to seven years.

CNOOC will hold an 85 percent stake in the foreign companies’ part of the venture, while TPAO will have 15 percent, officials said. An Iraqi state oil company will hold a 25 percent stake in the total partnership.

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