FINANCIAL NEWS

Iraq’s Halfaya oilfield operational: CNPC

18 Jun 2012

(MENAFN) China National Petroleum Corp (CNPC) officially announced the first phase of Iraq’s Halfaya oilfield operational at an output capacity of 100,000 bpd, Reuters reported.

The state-owned energy firm said the Halfaya project had come on stream 15 months ahead of schedule.

CNPC, which owns a 37.5 percent interest in the development, also said that it has started initial work on the second phase of Halfaya, which is expected to produce 200,000 bpd.

CNPC, along with French Total and Malaysian Petronas, inked a contract in 2010 to develop Halfaya oilfield, for a fee of USD1.40 per barrel.

Last year, CNPC completed construction of the first phase of Al Ahdab oilfield in Iraq, with a capacity of 60,000 bpd.

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