The Iraqi oil ministry signed Tuesday an initial agreement with a consortium consisting of China National Petroleum Corp., Total SA (TOT) and Malaysia's Petroliam Nasional Bhd to develop Iraq's Halfaya oil field, an Iraqi oil ministry official said Tuesday.
The deal still needs the approval of the Iraqi cabinet before its final signature, the official told Dow Jones Newswires.
Halfaya, one of Iraq's prized oil fields, has proven crude oil reserves of more than 4.1 billion barrels. The field, located in Missan governorate in southern Iraq, was discovered in 1976 and it is about 30 kilometers long and 10 km wide.
CNPC holds 50% of the venture, while France's Total and Petronas each own a 25%.
Iraq had so far this week initialed three deals with international oil companies, out of seven awarded in the country's second post-war licensing auction held in Baghdad Dec. 11 and 12.