Iraq awards CNPC $194 million contract
Rumaila oilfield in south Iraq. Photo: Rumaila Operating Organization
Baghdad (IraqiNews.com) – A subsidiary of China National Petroleum Corp (CNPC), Daqing Drilling Engineering Co, has been awarded the contract for the development of the Rumaila oilfield in Iraq.
The Rumaila oilfield in southern Iraq, near to the Kuwaiti border, will see Daqing drill wells with two rigs as part of a $194 million overall deal.
According to CNPC, it was the biggest international deal that the Chinese company had in the previous five years.
Daqing has past experience in the Rumaila field, having been awarded a contract to drill 21 wells in the lucrative oil field by the oil giant bp and the Iraqi government-owned South Oil in 2010.
According to Offshore Technology, Rumaila is one of the largest and most lucrative petroleum reserves in the globe and ranks fifth globally in terms of oil and gas production.