Tag Archives | China National Petroleum Corporation

Iran to Increase Production from Joint Oilfield

By John Lee. Tehran Times reports that Iran plans to increase production from the Yadavaran oilfield, which straddles its border with Iraq, from 50,000 barrels per day to 85,000 bpd by September of this year. Iran began production at the oilfield in March 2012, while Iraq has yet to start. Iran shares the Yadavaran, Azadegan, and […]

Halfaya Oil Targets Reduced

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 […]

Oil Price Surges amid Iraq Turmoil

By John Cookson. Any opinions expressed are those of the author, and do not necessarily reflect the views of Iraq Business News. Traders will tell you the price of oil is a speculative market based on expectations. Most of Iraq's oil production is from the mega fields in the south, far from any fighting. But […]

Chinese Foreign Minister Meets Zebari in Baghdad

By John Lee. Chinese Foreign Minister Wang Yi met his Iraqi counterpart Hoshyar Zebari in Baghdad in a rare Chinese high level diplomatic mission to Baghdad. The two men discussed increased Sino-Iraqi cooperation in areas such as oil development and arms sales. Until recently, Iraq has been frustrated by slow deliveries of weapons systems from […]

Chinese Firm Suspected of Fraud

By John Lee. China's Caixin has reported that the Missan Oil Company (MOC) has suspended all activities of a company called Hermic, an oilfield service company controlled by former executives of the China National Petroleum Corp. (CNPC). Hermic is said to have won at least 12 engineering outsourcing contracts worth US$75 million from CNPC at the […]

China Consolidates Position in Iraqi Petroleum Sector

By Ahmed Mousa Jiyad. Any opinions expressed are those of the author, and do not necessarily reflect the views of Iraq Business News. China and CNPC are Consolidating Further their Positions in Iraq Petroleum Sector Four years after the first bid round took place, some international oil companes (IOCs) are consolidating their positions. while others […]

BP, CNPC get $4.5bn Rumaila Payment

By John Lee. BP and China National Petroleum Corporation (CNPC) have received a total of $4.5 billion until the end of 2012 for their investments in the Rumaila oil field, according to a report from the Wall Street Journal. A senior Iraqi oil official told the newspaper that Baghdad has paid a total of $8.5 […]

China's CPECC Wins $548m Halfaya Contract

By John Lee. Reuters reports that the China Petroleum Engineering & Construction Corporation (CPECC), the engineering and construction subsidiary of the China National Petroleum Corporation (CNPC), has won a $548-million service contract to develop the Halfaya oilfield. The company will handle engineering, procurement, construction and commissioning work at the oilfield, which is forecast to produce […]

Iraq Shortlists 7 for Nasiriya Integrated Project

By John Lee. Iraq's Petroleum Contracts and Licensing Directorate (PCLD) has announced that seven international oil companies (IOCs) have been selected to bid for the development of its Nasiriya oilfield and refinery: Zarubezhneft, from Russia (Up and Downstream); CNPC, from China (Downstream); Brown Energy, from US (Downstream); Reliance Industries, from India (Up & Downstream); Lukoil, […]

PetroChina Considers Join Exxon at West Qurna-1

The Chairman of PetroChina has told Reuters that his company is willing to join Exxon Mobil in the 400,000-bpd West Qurna-1 oilfield project. Jiang Jiemin (pictured) told the news agency: "We are willing to jointly develop the project with Exxon Mobil. Exxon Mobil welcomed our participation and the Iraqi government also supports us joining the […]

CNPC's First Crude Cargo leaves Basra for China

On December 14, the first cargo with 2 million barrels of crude oil from Iraq's Halfaya Oilfield left Basra for China, indicating that China National Petroleum Corporation (CNPC)'s Halfaya Project has entered investment payback period ahead of schedule. Halfaya Project is the first to become operational and begin investment recovery amongst the seven international projects that […]