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Chinese Consortium wins $594m Iraq Oil Processing Contract

By John Lee. Kuwait Energy Basra Limited (KE Basra), an indirect wholly-owned subsidiary of Hong Kong-based United Energy Group (UEG), has entered into the EPCC (engineering, procurement, construction and commissioning) contract with a Chinese consortium to provide a central processing facility including oil treatment system and auxiliary systems at Block 9 in Basra. The contractor […]

CNOOC to Explore Offshore in Iraq

By John Lee. The China National Offshore Oil Corporation (CNOOC) is to press ahead with oil exploration at a 530-km2 offshore block in Basra. Originally agreed in 2019, the work had been delayed due to the COVID-19 pandemic. In parallel, Iraq's state-owned Oil Exploration Company (OEC) will carry out seismic surveys on the adjoining 120-km2 […]

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 […]

Oil Minister meets with Chinese and Russian IOCs

By John Lee. The director of the China National Offshore Oil Corporation (CNOOC) has presented his company's plans for the development of the Bazergan [Buzurgan] oil field in Maysan to Iraq's Oil Minister Ihsan Abdul-Jabbar. In a separate meeting on Wednesday, the Minister also received the CEO of Lukoil in Iraq, Igor Zubarev, who gave […]

China's CNOOC to Survey 2 Exploration Blocks

By John Lee. Iraq's Ministry of Oil has signed a contract with the China National Offshore Oil Corporation (CNOOC) to carry out seismic surveys of two oil exploration blocks. One of the fields is in the territorial waters of Iraq in the Gulf, while the second in the city of Faw (Fao). (Source: Ministry of […]

Ministry drops Nassiriya Integrated Project

Iraq will rely on a newly formed state oil company to develop the Nassiriya oil field, leaving only the nearby refinery project for investors, ending more than six years of pitching the two as a combined mega-project, according to Iraq Oil Report. Most recently, Iraq had been in direct negotiations with PetroChina and the China […]

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 […]

Iraq Awards $348m in Drilling Deals

By John Lee. Iraq has awarded oil drilling deals with a combined value of $348 million. Associated Press reports that Weatherford picked up two drilling contracts, one for nearly $95 million and another for $82.4 million. Another contract worth $96.7 million went to China's Bohai, while COSL, a division of the China National Offshore Oil […]

CNOOC Digs First Oil Well in Maysan Province

AIN reports that the China National Offshore Oil Corporation (CNOOC) has started to dig its first oil well in the Fakka oil field in eastern Maysan [Missan] province. A statement from the Missan Oil Company said that the project to develope the Maysan oil fields of Bazergan [Buzurgan], Fakka, and Abo Gharab [Abu Ghirab] has […]