By John Lee.
The Missan Oil Company, Iraq’s third-largest state-owned oil company, plans to drill 80 new wells in the southeastern region, its director general, Ali Muarej, told Bloomberg.
The plan is to boost crude oil output from its current level of 200,000 bpd to as much as 300,000 bpd next year.
Half of Missan’s production is from the Halfaya oilfield
Halfaya has reserves of 4.95 billion barrels. PetroChina, a subsidiary of China National Petroleum Corp (CNPC), China’s largest energy producer, holds 37.5% of the Halfaya consortium, while Total and Petronas each hold a 18.75% stake in the consortium, with Iraq’s state partner holding the remaining 25%.