CNPC overseas equity oil output up 4.6% in H1

CNPC overseas equity oil output up 4.6% in H1 Updated: 2012-07-11 15:39 (Agencies) Print Mail Large Medium Small 0 Russia’s LUKoil inks oil search deal with Iraq July 17, 2012 - 19:09 AMT PanARMENIAN.Net - the right to explore the field, 120 kilometers west of Basra, in late May. LUKoil holds 60 percent of the field and Japan's INPEX owns 40 percent. Under the terms of the Iraqi government tender, minimum outlays on geological prospecting for the field should be no less than $100 million. If promising oil reserves are found, investment could reach $300 million. Block 10 covers an area of 5,500 square kilometers in the oil-rich region, where international oil majors are developing giant oil fields, including Rumaila, West Qurna-1, and the West Qurna-2 fields. LUKoil foreign projects head Andrei Kuzyayev said in June that Block 10 was one of the most attractive, as discovery of large oil reserves there was highly probable. LUKoil is also developing Iraq's giant West Qurna-2 field, one of the world's largest oilfields, with recoverable reserves estimated at 12.9 billion barrels of oil. LUKoil says it plans to launch production at West Qurna-2 in early 2014. LUKoil participated in the first stage of West Qurna-1 development project and signed a contract with the former Saddam Hussein regime to develop the second stage, but the deal was frozen in 2002. The Iraqi government and LUKoil agreed in 2008 to renew cooperation. The list of Russian energy firms operating in Iraq also includes Gazprom Neft, the oil arm of Russian energy giant Gazprom, which operates the Badra deposit with a 30-percent stake in the project. Badra's reserves are estimated at about three billion barrels of oil. Production is scheduled to start in 2013. Overseas equity oil and gas production of China National Petroleum Corp, parent of PetroChina, rose 4.6 percent year-on-year to 25.3 million metric tons of oil equivalent in the first half of this year, the company said. CNPC's crude oil output at Iraq's Rumaila oilfield was 12.06 million tons in the January-June period, 1.93 million tons more than its target, CNPC said in an in-house newsletter seen on Wednesday. Production at Iraq's Al-Ahdab oilfield and its projects in Venezuela, Singapore and Kazakhstan also exceeded their production plans, it added without giving further details. CNPC said last month that the first phase of Iraq's Halfaya oilfield had started operating and had a production capacity of 5 million tons per year, or 100,000 barrels per day. ==== Iraq starts oil production on major field 28 June 2012, 13:08 (GMT+05:00) See Also: Iraq reduces oil export Iraq plans to increase oil production Iraq increases oil exports Iraq ratifies agreement with U.S. energy service company Chinese company starts work on major Iraqi field Iraq to announce hydrocarbon tender Iraq oil exports decrease slightly in May Iraq plans to increase oil production at two fields E-mail. Print. Azerbaijan, Baku, June 28 / Trend, A.Taghiyeva / Consortium headed by French company Total which also includes Chinese Petro Chine and Malaysian Petronas, began oil production on Iraq's major oil field of Al-Halfaya in the south-east of the country, the Iraqi Oil Ministry said on Thursday. 'It is expected that the first stage of oil production on the field will hit 70,000 barrels per day. In the future it will be increased to 535,000 barrels of oil per day', the report says. According to BP, Iraq's proven oil reserves amounted to 143.1 billion barrels as of late 2011. The country ranks third in OPEC after Saudi Arabia and Iran. According to BP, oil production in Iraq amounted to 2.798 million barrels per day in late 2011. The major oil fields of Iraq are Rumaila, Zubair, Nahr Umr, Majnoon and West Qurna in the south of the country. About 80 per cent of oil extracted in Iraq, is exported. Do you have any feedback? Contact our journalist at agency@trend.az ==============