By John Lee.
China Oil HBP Science & Technology Co., Ltd. has signed an EPCOM [Engineer, Procure Construct, Operate and Maintain] contract worth $225,218,000 for the Naft Khana oilfield rehabilitation project with NK Petroleum Company Limited and its Iraq branch.
The contract covers engineering, procurement, construction, operation and maintenance services aimed at restoring crude oil and natural gas production capacity at the field. NK Petroleum is the operator of the Naft Khana oilfield under agreements with Midland Oil Company.
- Inspection, assessment and repair of existing oilfield facilities
- Central processing facility (CPF) upgrades
- Construction of gas processing units
- FSF facility upgrades
- Power plant construction
- Construction of operator residential camp facilities
- Three-year operations and maintenance service period
The EPC phase is scheduled to achieve provisional acceptance within 18 months from 1 December 2025, followed by 36 months of operations and maintenance services. Final project acceptance is scheduled for May 2030.
NK Petroleum is a wholly owned subsidiary of Intercontinental Oil & Gas Co., Ltd., registered in Hong Kong. The company is engaged in upstream and downstream oil and gas investment, construction and operations. [China's Geo-Jade Petroleum was awarded the contract to develop the field in Iraq's fifth energy licensing round.]
The contract value is equivalent to approximately RMB 1.596 billion and represents 61.2 percent of the company's audited 2024 annual revenue. Revenue will be recognised based on project progress under applicable accounting standards.
See original filing here [Chinese]
(Source: China Oil HBP Science & Technology Company)
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