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Chinese company signs contract to develop Block 7 in Iraq
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Economy News - Follow-up
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Added 10/30/2024 - 10:15 AM
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Economy News - Follow-up
China National Offshore Oil Corporation (CNOC) announced on Wednesday that it has signed an exploration, development and production contract with Iraq's state-owned Central Oil Company to explore for oil and gas in Block 7.
China National Offshore Oil Corporation Africa Holdings, a wholly-owned unit of the state oil and gas company, will hold 100 percent stakes and act as operator of Block 7, which covers 6,300 square kilometers and is located in the Diwaniyah Governorate in central Iraq.
The deal formalizes a bid won by the Chinese company to explore the block, part of a recent Iraqi licensing round under which Baghdad offered to share profits with partners instead of previous technical service contracts, in a significant policy shift.
China National Offshore Oil Corporation said that under the contract, the first phase of the exploration period will last for three years, without specifying when it will start, according to Reuters.
China National Offshore Oil Corporation is one of the major international oil producers in Iraq, with its activities focused on the Maysan field in southeastern Iraq.
A senior executive at China National Offshore Oil Corp said in August that Block 7 could offer a major discovery and that the company maintains high standards in selecting new investment targets outside China.
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Added 10/30/2024 - 10:15 AM
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