CNOOC group to develop Iraqi oil fields

CNOOC Ltd. and partners have signed a technical service contract with the Iraqi government to develop the Missan oil fields 350 km southeast of Baghdad.

By OGJ editors
HOUSTON, May 17
-- CNOOC Ltd. and partners have signed a technical service contract with the Iraqi government to develop the Missan oil fields 350 km southeast of Baghdad.

The group committed to raise production to 450,000 b/d from about 100,000 b/d in 6 years, earning $2.30/bbl of incremental output beyond 10% above the current rate. The 20-year contract provides for cost recovery.

CNOOC is operator with 63.75% participating interest. Iraqi Drilling Co. holds 25%, and Turkish Petroleum Co. (TPAO) holds 11.75%. TPAO replaced Sinopec, which withdrew from the project.

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