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

Rumaila Drilling Spree

Yesterday we reported that Michael Townshend, President of BP Iraq, was planning to increase production at the supergiant Rumaila oilfield by 10% over the next six months; today we can give you details of more than 100 new wells to be drilled at the field by the end of next year. Three international service companies, […]

Iraq Expects 60,000 bpd Output from al-Ahdab in 2011

Iraq expects the CNPC-operated al-Ahdab oilfield to have an initial production rate of 60,000 barrels per day from July 2011, Deputy Oil Minister Abdul Kareem Luaibi said on Sunday. Al-Ahdab was the first major oilfield development contract awarded by the Iraqi government after the 2003 US-led invasion when it agreed to revive a Saddam Hussein-era […]

Rumaila Oil Output up 10% by End of Year

On July 1, the operational management of Iraq's Rumaila project was officially transferred to Rumaila Field Operating Organization (ROO), a consortium led by CNPC, BP and Iraq's South Oil Company. On July 3, BP, CNPC and Iraq's South Oil Company held a ceremony at Basra to mark the transfer. More than 130 representatives from the […]

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BP to Be Paid in Crude for Iraq Investment Costs

28 April 2010 - Bloomberg BP Plc will be paid in crude for its investment costs in an Iraqi contract that offers about the same rate of return as other projects worldwide, Chief Executive Officer Tony Hayward said. BP and China National Petroleum Corp. are spending about $15 billion in Rumaila, Iraq’s largest oil deposit, pledging […]

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Did Big Oil Win the War in Iraq?

Before the United States and Britain invaded Iraq in March 2003, their oil companies were shut out of oil-production contracts being negotiated by the government of Saddam Hussein. Today, more than six years of war later, Saddam is gone, and the U.S. and British oil companies are not only in on the oil contracts, they […]