China's largest oil company has started the next phase of construction at its landmark oil project in Iraq as it attempts to improve energy security and make up for a decline in oil exports from Iran.
China's largest oil company has started the next phase of construction
at its landmark oil project in Iraq as it attempts to improve energy security
and make up for a decline in oil exports from Iran.
China National Petroleum Corp. said Tuesday that its listed unit PetroChina Co.
(PTR) began construction of the second phase of its Halfaya oil field project.
Halfaya is the CNPC's largest overseas investment project as an operator.
The second phase of the project includes a crude-oil pipeline running from
southern Missan province to the
port
of
Faw
, the
drilling of 60 additional wells and a processing center capable of handling 5
million metric tons a year, or 100,000 barrels a day, of crude, CNPC said in an
in-house newsletter.
The second phase would double output to 200,000 barrels a day and is expected
to be completed in mid-2014, CNPC said.
Last year,
Iraq
's oil
minister, Abdul Kareem Luaiby, said a third phase would have the field pump a
total of 400,000 barrels a day, with a target to hit production of 600,000
barrels a day by the end of 2016.
In late 2009, a PetroChina-led group won the right to develop the oil field
some 35 kilometers south of the city of
Amarah
in
southern
Iraq
.
PetroChina holds 37.5% of the 20-year concession.
France
's
Total SA (TOT) and
Malaysia
's Petroliam
Nasional Bhd. each hold 18.75% and
Iraq
's
state-owned Missan Oil Co. holds 25%.
Iraq, a member of the Organization of Petroleum Exporting Countries, holds the
world's third-largest oil reserves and has become the second-largest oil
exporter in OPEC after Iran, whose output is retreating following sanctions
imposed by the European Union and the U.S. against Iran's oil exports.
The Halfaya field, which has estimated reserves of 4.09 billion barrels, was
expected to produce 2.7 million tons of crude in the second half of 2012, CNPC
said previously.
CNPC and its listed unit PetroChina are developing two more Iraqi fields. Along
with BP PLC (BP, BP.LN), CNPC is developing
Iraq
's
largest oil field, Rumaila, in southern
Basra
province, where production is already hitting 1.35 million barrels a day.
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