China’s Oil giant starts operating Halfaya Oilfield in Iraq
China National Petroleum Corp (CNPC), China’s top Crude Oil producer, said Monday operations have begun at the 1st phase of its Halfaya Oil field project in Iraq, with an initial annual capacity of 5-M tons.
The company said the Halfaya Oil field project is its largest overseas investment unit for which it also acts as the operator. It said the completion of the first phase of the project marked a milestone in its co-operative business in the Middle East.
CNPC has also started preliminary work on the construction of the 2nd phase, which is set for an annual capacity of 10-M tons.
Located in the southeastern part of Iraq, the Halfaya Oil field is one of the country’s 7 major Oil fields.
On 27 January 2010, CNPC’s PetroChina and its partners Malaysia’s Petronas and France’s Total (NYSE:TOT), signed a 20-yr Crude Oil production agreement with Iraq’s South Oil Company, which took effect on 1 March, 2010