CNPC and Partners Sign Contract on Halfaya Oilfield

Source: www.gulfoilandgas.com 1/28/2010, Location: Middle East

On January 27, PetroChina Company Limited, Total Exploration and Production Company in Iraq ("Total") and Malaysia's Petroliam Nasional Berhad ("Petronas") won the bidding in a tender for the Halfaya Oilfield project. In accordance with the requirements, PetroChina, Total, Petronas and Iraq's South Oil Company formed a joint operatorship, and entered into a contract in respect of the development and production in Iraq's Halfaya Oilfield for a term of 20 years.

Pursuant to the contract, PetroChina will act as one of the operators. The company, Total, Petronas and Iraq's South Oil Company shall own the participating interests in the Halfaya Oilfield, in the percentage of 37.5%, 18.75%, 18.75% and 25% respectively.

The Halfaya Oilfield is located at the Southeast of Iraq. Based on the information provided by the Iraqi government, the field has a recoverable reserve of approximately 4.1 billion barrels and its current production is 3,100 barrels per day. The joint operatorship led by PetroChina will boost the production of Halfaya to 535,000 barrels per day.


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