FINANCIAL NEWS

Petronas plans $8b investment in Iraqi oilfield

08 Sep 2010

(MENAFN) Malaysian state oil firm Petronas has appointed 60 engineers to work in Iraq’s Gharaf oilfield, south of the Iraqi capital, Baghdad, Reuters reported.

The human resources director said in a press release issues here Tuesday that the company will give a six-month training course for the newly appointed engineers before starting their work in the said oilfield.

Petronas and Japan Petroleum Exploration Company (Japex) expect to invest between $7 billion and $8 billion to develop Iraq’s Gharaf oilfield, a Petronas official said.

Gharaf has estimated oil reserves of 900 million barrels, and was one of the 10 oilfields offered for development earlier this month in Iraq’s second auction of oil contracts since the 2003 US invasion.

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