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Two China companies to develop three oil and gas fields in Iraq

June 12, 2018


Abstract : The Iraqi Oil Ministry recently signed drafted contracts with two Chinese companies on exploring and developing three oil and gas fields in Iraq.

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BEIJING, June 12 (Xinhua) -- The Iraqi Oil Ministry recently signed drafted contracts with two Chinese companies on exploring and developing three oil and gas fields in Iraq.

It’s reported that Geo-Jade Petroleum Corporation will develop two oil and gas fields, and United Energy Group will develop the other one. The contract between the two Chinese companies and the Iraqi side will be submitted to the Iraqi Council of Ministers and the final contracts would be signed when approved.

In April, Geo-Jade Petroleum, United Energy and Crescent Petroleum from the United Arab Emirates won the bidding to develop six oil and gas fields in Iraq.

Iraqi Minister of Oil Jabbar Luaiby said that the average output of the above six oil and gas fields is expected to reach 500,000 barrels per day. In order to further increase Iraq’s crude oil production, the Iraqi Ministry of Petroleum will again tender for the development rights of five oil and gas fields in the near future.

(Edited by Yang Qi, [email protected])

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