Tag Archives | CNPC

The latest news on CNPOC (China National Petroleum Corporation)and Iraq – Oil, Petroleum, Gas and more – brought to you by Iraq Business News

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 (BECL), which in turn will be owned by BP and the China National Petroleum Corporation (CNPC). According to a statement from the Ministry of […]

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 […]

Iraq and Iran Discuss Cross Border Fields Plan

By Simon Kent. Iraq's Deputy Oil Minister Fayadh Nema, who is currently acting Oil Minister until Abadi's new cabinet is finalized, has recently announced a trip to Tehran to discuss cross border oil fields. Once a controversial topic between Tehran and Baghdad, Iraq's many cross border oil fields are now back on the agenda as sanctions […]

Is Oil Industry Killing the Poor in Wasit?

This article was originally published by Niqash. Any opinions expressed are those of the author, and do not necessarily reflect the views of Iraq Business News. Chinese Company Pollutes, Causes Disease: Is The Oil Industry Killing The Poor in Wasit? As soon as the Chinese oil company began extracting oil from the Ahdab oil field in […]

New Basra Heavy Crude Short-Changes IOCs

By John Lee. According to a report from the Financial Times, Iraq’s introduction of the new Basra Heavy crude oil grade is causing problems for the international oil companies (IOCs). Since its launch in June, IOCs such as Shell, BP, Total, Lukoil, Petronas and China National Petroleum Corporation (CNPC)  have received their remuneration for development […]

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 […]

Petrofac Wins $500m Rumaila Contract

By John Lee. Petrofac has also been awarded a major contract in Iraq to provide general construction management services to BP Iraq NV (BP) on the Rumaila field near Basra. Petrofac will provide management and personnel to manage brownfield modifications to assist BP – and its partners in the Rumaila Operations Organisation (ROO), China National […]

BP, CNPC Increase Stakes in Rumaila

By John Lee. Reuters reports that a revised contract signed last week by BP and China's CNPC for the Rumaila oilfield has raised both companies' stakes in the project. Thamer Ghadhban (pictured), energy adviser to former Prime Minister Nuri al-Maliki, told the news agency that BP's share has been increased from 38 percent to 47.6 […]

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 […]

Can China Do More For Iraq?

By John Lee. China expert Simone Van Nieuwenhuizen has written an opinion piece for The Diplomat, a foreign affairs journal that covers events in Asia. She argues that it would be in China's interests to do more for Iraq. In the piece, Van Niewenhuizen notes that not only has China been threatened by the Islamic State of […]

CNPC: New Maysan Pipeline Complete

By John Lee. China's CNPC has announced the completion of a 272 kilometre crude oil pipeline which connects Halfaya and Burzugan [Bazargan] oilfields in southern Iraq to the Al-Faw port. Incredibly, CNPC have remarked that the pipeline is passing through 30km of areas that were once minefields during the Iran-Iraq war. Today, southern Iraq is […]

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 […]