CNPC and Iraqi government sign Al-Ahdab field development agreement
17th November 2008
By Staff Writer
The China National Petroleum Corporation and the Iraqi government have signed a 23-year service agreement for the development of the Al-Ahdab oilfield in Baghdad, Iraq. Another Chinese partner, Zhenhua Oil, also signed the contract copy.
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COMPANIES MENTIONED
The contract is among Iraq's first batch of joint venture oil projects since the US-led invasion in 2003, and is significant to expanding strategic energy co-operation between the two countries. The Al-Ahdab oilfield is located 180km southwest to Baghdad, with a structural area of 200sqkm. The China National Petroleum Corporation (CNPC) will use advanced and applicable technologies to increase the oilfield's production capacity to 25,000 barrels per day (bpd) within three years, and to 115,000bpd within six years.
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