Posted on 30 December 2011 .
Capacity at Al-Ahdab oilfield reached 120,000 bpd on Friday, three years ahead of schedule, according to Reuters.
The one-billion barrel field in Wassit Province, central Iraq, is being developed by Chinese firm CNPC. The firm started production at 60,000 bpd in summer, six months ahead of schedule and it has doubled it far faster than expected.
CNPC is the first foreign oil company to sign an oil service contract in the post-Saddam era. It renegotiated an old development deal for Al-Ahdab back in March 2009. It collected its first payment this week for work on the field: 650,000 barrels of crude oil.
Output for the field is intended mostly for export, but it will also fuel local power stations to ease fuel shortages.
(Sources: Reuters; AFP)
Dr. Mark A. DeWeaver
|Will the CBI Try Dinar QE?||Ahmed Mousa Jiyad||$14.4bn Compensation to IOCs: How...|
|Madeleine White||A Message of Hope on Int’l Women’s Day||Robert Tollast||Is the Islamic State “losing?”|