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[rtl]A Chinese company wins an oil exploration contract in Iraq[/rtl]
economy , 2023/08/11 21:27 , Number of readings: 459
economy , 2023/08/11 21:27 , Number of readings: 459
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[rtl]Baghdad-Iraq today:[/rtl]
[rtl]A subsidiary of China National Petroleum Corporation (CNPC) has won an engineering, construction and procurement contract worth 1.4 billion yuan ($194 million) to drill wells in the Rumaila oil field in Iraq, as the Iraqi authorities seek to open up to developing the oil industry and increasing fuel production with the energy crisis that the world is going through, especially after the Ukrainian war.
This is the largest overseas contract it has obtained in the past five years, Daqing Drilling Engineering said in a statement via its official WeChat account. The statement did not say how many wells the company will drill under the contract.
Daqing began drilling wells in the Rumaila field in 2010, shortly after CNBC and British BP signed a 20-year service contract with Baghdad to develop the giant oil field.
A government oil official said last November that Iraq intends to increase its oil production capacity to about seven million barrels per day in 2027, with the main increases coming from the Rumaila and West Qurna-2 fields.[/rtl]
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