CNPC lead contractor of Iraq oilfield
China National Petroleum Corp has further strengthened its presence in Iraq after it took over as the lead contractor of the country's West Qurna 1 oilfield from US oil giant ExxonMobil, industry experts said.
The company said on Wednesday that it has become the lead contractor for the oilfield — one of the largest such in Iraq — located about 50 kilometers northwest of Basra.
The oilfield has an estimated annual crude oil output of more than 25 million metric tons and recoverable reserves estimated at more than 20 billion barrels, CNPC said.
Holding the largest stake in a major oil project in Iraq will help China further secure energy resources and build stronger bilateral relations, said Lin Boqiang, head of the China Institute for Studies in Energy Policy at Xiamen University.
By securing control over a significant oilfield, China has ensured a stable and long-term source of energy for its rapidly growing economy, Lin said.
According to the Middle East Institute, a Washington-based think tank dedicated to the study of the Middle East, Chinese companies are well positioned to participate in Iraq's capacity expansion efforts, as they are actively engaged in various energy-related undertakings throughout the country.
The think tank said China's energy ties with Iraq extend well beyond trade in crude oil, as China's leading State-owned energy enterprises have established a strong foothold in Iraq's upstream, midstream and downstream markets, while China's engagement with Iraq has continued to grow in recent years, mostly in energy and transport infrastructure.
China's leading energy enterprises, including CNPC, China National Offshore Oil Corp and China Petroleum &Chemical Corp, have been present in Iraq for years, it said.
CNPC said it expects China and Iraq to work together to make the oilfield project an excellent example of energy cooperation between the two countries, and it would adhere to the principle of mutual benefit and win-win cooperation to ensure a smooth handover and orderly transition.
Iraq's Deputy Oil Minister for Extraction Affairs Bassim Mohammed Khudair said he has full confidence in CNPC's manpower, strategy and vision, and that he believes the project will be completed within the stipulated time.
Related articles
Water begins to flow again in downtown Atlanta after outage that began Friday
ATLANTA (AP) — Water pressure was returning to downtown Atlanta and nearby neighborhoods on Sunday a2024-06-04Pioneering observation satellite ERS
By Jonathan Amos for BBC NewsESR-2. Photo: ESA2024-06-04Trump seeks Supreme Court pause in 2020 election case
Former US president Donald Trump. Photo: Julia Nikhinson / AFP2024-06-04Chilean vet helps dogs, cats and rabbits injured in wildfires
A Chilean flag waves as neighbours clean their lands and burnt homes in Villa Independencia, Valpara2024-06-04American veterans depart to be feted in France as part of 80th anniversary of D
ATLANTA (AP) — Hilbert Margol says he didn’t look on himself as a hero when his U.S. Army artillery2024-06-04Couple waits for categorisation of flood
Glenn Whittington points to water line during flooding. Photo: RNZ / Luka Forman2024-06-04
atest comment