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

Iraq Becomes China's Number Two Crude Exporter

By John Lee. Intensive competition to supply China's oil demand has combined with slowing demand for oil globally, and this is putting downward pressure on oil prices in 2014, Reuters reports. Iraq and Russia have positioned themselves to be long term suppliers of the Asian giant, squeezing out African and Latin American producers trying to improve […]

Capital Gain Tax on IOCs in Iraq

By Ahmed Mousa Jiyad. Any opinions expressed are those of the author, and do not necessarily reflect the views of Iraq Business News. Many countries impose capital gain tax on individuals, companies and corporations when a profit realized from the sale of assets. National and state legislation often has a large array of fiscal obligations […]

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 […]

BP to invest $2.85bn in Rumaila

By John Lee. BP has reportedly allocated $2.85 billion to develop the Rumaila oilfield in 2013, up from $2.2 billion last year, of which only $1.9 billion was used. Salah Mohammad, head of the joint management committee for the project, also told Reuters that output at Rumaila would rise to 1.450 million bpd by the […]

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 […]

Ahdab Oilfield Hits 140,000 Barrels Per Day

By John Lee. Aswat al-Iraq reports that crude oil production at the al-Ahdab oil field has reached 140,000 barrels per day. According to an official statement from Wassit province, the field has 170 operational wells. The field, in central Iraq, is being developed by Chinese firm CNPC. (Source: Aswat al-Iraq)