Iraq set to develop Maysan oilfields with Chinese firms
Iraq : 8-Mar-2010
Baghdad, Iraq has signed an initial deal with China's CNOOC and Sinochem to develop the 2.5 billion-barrel Maysan oilfield complex. A final deal with both companies will be signed in the coming days, after they accepted the government's proposed remuneration fee of $2.30 for every additional barrel of oil produced. The Chinese companies accepted all conditions for this field. CNOOC, together with Sinochem, made an unsuccessful bid for three Maysan fields in Iraq's first auction of oilfield contracts last year. CNOOC and Sincohem had projected plateau output of 450,000 barrels per day (bpd) when they first made the bid last year. The deal is one in a series of contracts with international oil companies that could boost Iraq's output capacity to 12 million barrels per day, rivalling top producer Saudi Arabia, from around 2.5 million bdp now. The government is hoping that the deals will generate cash needed to rebuild Iraq's shattered economy and economic decline.
