CNOOC's attempts to enter a number of foreign markets, such as the US, rejected over concerns of control of strategically important energy assets - the firm has long been attempting to enter markets where it is likely to be greeted with less hostility, such as Iraq.
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China's CNOOC Limited has announced that, the Company, via its wholly owned subsidiary - CNOOC International Limited, together with Turkish Petroleum Corporation (TPAO), have signed a technical service contract (TSC) for the development and production of the Missan Oil Fields within Iraq.
Mr. Fu Chengyu, Chairman and CEO of the Company welcomed the signing of the TSC and commented, "It is a great pleasure to participate in rebuilding Iraqi's oil industry together with TPAO.
State-run Turkish Petroleum Corp., known as TPAO, has decided to join Cnooc Ltd. the Hong Kong-listed unit of China Offshore Oil Corp. to develop Iraq's Missan oil field complex in southern Iraq, a senior Iraqi Oil Ministry official said Thursday.
Talks poured over opening an office to implement projects in coordination between Turkish companies and local businesses.
The local authorities in Missan have zoned seven locations for the establishment of investment projects in the province.
Staff of the South Refineries Company in three southern Iraqi provinces will launch a sit-in on Wednesday