Beijing-based China Petroleum & Chemical Corporation (Sinopec) has won a contract to develop the Iraq Mansuriya gas field near the Iranian border, according to a statement from the country’s Oil Ministry.
Beijing-based China Petroleum & Chemical Corporation (Sinopec) has won a contract to develop the Iraq Mansuriya gas field near the Iranian border, according to a statement from the country’s Oil Ministry.
Sinopec won the contract in a bidding round held at the oil ministry headquarters in Baghdad on 20 April, the ministry said.
Under the 25-year contract, Sinopec will hold a 49% stake and Iraq’s state-run Midland Oil Company will hold 51%.
There is an option to extend the contract for an additional five years.
The field, near the Iranian border, is expected to produce 300 million standard cubic feet (Mscf) a day of gas, which will be used for electricity generation.
In 2011, an agreement had been signed for the field to be developed by Turkish Petroleum (37.5%), Iraqi Oil Exploration Company (25%), privately owned Kuwait Energy (22.5%) and state-owned Korea Gas Corporation (15%).
This consortium stopped development in 2014 due to security concerns, with Islamic State militants taking over swathes of territory across the north and west of Iraq.
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