Tag Archives | China National Petroleum Corporation (CNPC)

Iraqi Cabinet approves BP Plan to spin off Rumaila

By John Lee. The Iraqi cabinet has approved a plan to restructure the ownership of the giant Rumaila oilfield. The field will be taken over by the newly-created Basra Energy Company (BEC), which in turn will be owned by BP and the China National Petroleum Corporation (CNPC). According to a statement from the Ministry of […]

BP to Spin Off Iraq Operations?

By John Lee. UK-based BP is reportedly considering a plan to spin off its operations in Iraq into a separate company. According to Dow Jones, the new company would be jointly owned by the China National Petroleum Corporation (CNPC), BP's partner in the giant Rumaila project. More here. (Source: Dow Jones)

How China "Took Control" of Exxon's Iraqi Oilfield

How China Took Control Of Exxon's Supergiant Iraqi Oilfield Recent reports suggest that Chinese oil giants China National Petroleum Corporation (CNPC) and China National Offshore Oil Corporation (CNOOC) are "considering acquiring" U.S. oil titan ExxonMobil's 32.7 per cent stake in Iraq's supergiant West Qurna 1 oil and gas field. Writing in Oil Price, Simon Watkins […]

China to Buy of Exxon's stake in West Qurna?

By John Lee. The China National Petroleum Corporation (CNPC) and China National Offshore Oil Corporation (CNOOC) are reportedly considering acquiring Exxon Mobil's remaining stake in Iraq's West Qurna 1 oilfield. According to sources cited by Bloomberg, the stake could fetch more than $500 million. ExxonMobil originally had a 60% stake in the field, but sold […]

Protests Halt Oil Production at Al Ahdab

By John Lee. Oil production is reported to have stopped at the 70,000-bpd Al Ahdab field on Sunday, as security guards seeking permanent employment blocked access to the site. According to Bloomberg, the 50,000-bpd Badra field is also at risk of closure from Monday. Al Ahdab is developed by China’s CNPC, while Badra is run […]

China Wins $121m West Qurna-1 Contract

By John Lee. China Petroleum Engineering & Construction Corp (CPECC) has reportedly won a $121-million contract to upgrade gas capture facilities at West Qurna-1 oilfield. According to Reuters, the project is due to be completed within 27 months. (Source: Reuters)

Oil Ministry's “Odious Contract Trap” with ExxonMobil

By Ahmed Mousa Jiyad. Any opinions expressed are those of the authors, and do not necessarily reflect the views of Iraq Business News. The Ministry of Oil and the “Odious Contract’ Trap” with ExxonMobil’ Consortium Talks have intensified recently about the continuation of negotiations between the Ministry of Oil (MoO) and ExxonMobil/CNPC consortium that might […]

Rumaila hits 30-yr High in Oil Production

The Rumaila oilfield produced 1.467 million barrels per day (bpd) in 2018 – the oilfield’s highest annual rate of production for 30 years. 2018 also saw the milestone of four billion barrels of oil produced since the Rumaila Operating Organisation [ROO] began operating in June 2010. The results were reported in the 2018 Rumaila Annual […]

235-MW Rumaila Power Station Opened

By John Lee. Oil Minister Jabar Ali al-Luaibi [Allibi, Luiebi] has officially opened the Rumaila power station. The construction of the 235 MW plant was supervised by the China Petroleum Engineering & Construction Corporation (CPECC), the engineering and construction subsidiary of the China National Petroleum Corporation (CNPC). The Minister said the project is considered as […]

LUKOIL completes 3D Seismic Survey at West Qurna-2

Russia's LUKOIL has reported that it has completed a field 3D seismic survey at West Qurna-2 field. The survey covered an area of about 450 square kilometers. The Company has fulfilled all of its contractual obligations to the Ministry of Oil of Iraq. The high-quality seismic data obtained are required for the updating of the […]

Oil Minister meets PetroChina

By John Lee. Oil Minister Jabar Ali al-Luaibi [Allibi] has met with the president of PetroChina in the Middle East, Mr. Shu Jian Fing, and his entourage. They discussed the development of the oil industry in Iraq, and plans to raise and investment and production of gas at the Halfaya field in Maysan province. (Source: […]