By John Lee.
The Missan Oil Company has announced an agreement with the China National Petroleum Corporation (CNPC) to reduce the final production target for the Halfaya oilfield from 535.000 barrels per day (bpd) to 400.000 bpd.
As a result, production will be extended from 20 years to 30 years.
CNPC has a 37.5 percent stake in Halfaya, with 25 percent held by the Iraqi state, 18.75 percent by Malaysia’s Petronas and another 18.75 by French giant Total. Under the terms of their contract, signed in 2010, they receive a fee of $1.40 per barrel.
For more on revised production targets, please see this report from our Expert Blogger Ahmed Mousa Jiyad.
(Source: Aswat Al Iraq)