Chinese-Turkish consortium signs Iraq oil deal

[Communist]

Chinese-Turkish consortium signs Iraq oil deal

A China-led consortium has signed an oil deal with Iraq to develop a prized cluster of three oilfields in the country’s south.

The state-run China National Offshore Oil Corp. and its partner, the state-run Turkish Petroleum Corporation (TPAO), will develop the Missan oilfields. The Iraqi government will earn $2.30 per barrel produced under the 20-year deal. The consortium plans to increase the fields’ output to 450,000 barrels a day in six years from Missan’s current daily production of nearly 100,000 barrels.

The Missan cluster has a reserve of more than 2.6 billion barrels of oil. It was among eight oil and gas fields Iraq offered last June during the first bidding round in the three decades since Saddam Hussein nationalized the oil sector.

The relevant agreement was signed on Monday at the Iraqi Oil Ministry in Baghdad in a ceremony that was attended by Iraq’s oil minister, Hussain al-Shahristani.

The deal covers the fields of Buzurgan, Fekke and Abu Ghraib.

18 May 2010, Tuesday
TODAY’S ZAMAN WITH AP İSTANBUL

Chinese-Turkish consortium signs Iraq oil deal

 

[ao333]

Chinese-Turkish consortium signs Iraq oil deal

A China-led consortium has signed an oil deal with Iraq to develop a prized cluster of three oilfields in the country’s south.

The state-run China National Offshore Oil Corp. and its partner, the state-run Turkish Petroleum Corporation (TPAO), will develop the Missan oilfields. The Iraqi government will earn $2.30 per barrel produced under the 20-year deal. The consortium plans to increase the fields’ output to 450,000 barrels a day in six years from Missan’s current daily production of nearly 100,000 barrels.

The Missan cluster has a reserve of more than 2.6 billion barrels of oil. It was among eight oil and gas fields Iraq offered last June during the first bidding round in the three decades since Saddam Hussein nationalized the oil sector.

The relevant agreement was signed on Monday at the Iraqi Oil Ministry in Baghdad in a ceremony that was attended by Iraq’s oil minister, Hussain al-Shahristani.

The deal covers the fields of Buzurgan, Fekke and Abu Ghraib.

18 May 2010, Tuesday
TODAY’S ZAMAN WITH AP İSTANBUL

Chinese-Turkish consortium signs Iraq oil deal

**** do these oil deals have to do with China Defense?!

 

[Communist]

**** do these oil deals have to do with China Defense?!

Don't end up being anti China.

It will be a tactical mistake.

Mark my word.

 

[Communist]

Cnooc bags oilfield deal in Iraq
By Wan Zhihong (China Daily)
Updated: 2010-05-18 09:10

A worker operates valves at the Rumaila oil refinery, near Basra, Iraq. [Provided to China Daily]

Chinese, Turkish alliance will raise Missan output to 450,000 bpd

BEIJING - Cnooc Ltd, the listed unit of China National Offshore Oil Corp, and Turkish Petroleum Corp (TPAO), clinched a deal on Monday to develop the Missan oilfields in southern Iraq.

The two companies have bagged a 20-year technical services contract to increase the output of the Missan oilfields, located 350 kilometers southeast of Baghdad, to 450,000 barrels per day (bpd) over the next six years, Cnooc said in a statement.

Earlier media reports said the current production of the fields is 100,000 barrels per day.

Cnooc will earn $2.3 per barrel on the incremental oil production once the daily output has been raised by 10 percent from its current level and will recover its expenditure through a cost recovery mechanism, said the statement.

The Chinese company will act as the operator and hold a 63.75 percent stake in the project. The Turkish State-owned company will hold an 11.25 percent stake and the Iraqi Drilling Co will have the remaining 25 percent stake in the project, said the statement.

The deal is however, still subject to approval from the Iraqi government.

It is a pleasure for Cnooc to participate in rebuilding of the oil industry in Iraq, said Fu Chengyu, chairman and CEO of Cnooc Ltd.

Cnooc and its partner will carry out an active investment plan on the development of the fields to increase output, Fu said.

Analysts said the move underlines domestic oil companies' focus on developing oil resources in Iraq. "The country remains one of the few regions in the world where Chinese companies can still find big opportunities," said Lin Boqiang, a professor at Xiamen University.

"Iraq will be our main focus in overseas development this year," Jiang Jiemin, president of PetroChina, the parent of China National Petroleum Corp (CNPC), told China Daily earlier.

CNPC and Britain's oil giant BP signed an agreement with Iraq's Oil Ministry last year to develop Rumaila, one of the largest oilfields in Iraq. It is expected to produce 10 percent more crude this year, executives with CNPC said earlier.

CNPC is expected to start seeing returns from its investment in Rumaila field from next year, according to sources with the company.

The Rumaila project is Iraq's first deal with foreign oil companies after the US invasion in 2003. It is also the biggest investment by CNPC in Iraq.
The Cnooc-TPAO deal is the eleventh since last year with international oil companies to develop the war-damaged country's vast oil reserves.

If all the agreements work out, Iraq could have a crude production capacity of 12 million barrels per day, close to top producer Saudi Arabia, in six to seven years, according to a report by Reuters.

Chinese oil major Sinochem was initially supposed to partner Cnooc in an unsuccessful bid for the oilfieldsin Iraq's first auction of contracts last year.

Cooperation with the Turkish company would reduce risks in the deal, said analysts.

Cnooc bags oilfield deal in Iraq

 

[Martian2]

**** do these oil deals have to do with China Defense?!

If China does not get her oil, it won't be China defense. It'll be China offense. So yes, oil matters and China better get it. Clearly, this is a national security issue.

 

[gambit]

Does this mean it could China, not US, that will invade Iraq 'for oil'?

 

[Cityboy]

Does this mean it could China, not US, that will invade Iraq 'for oil'?

quite possible looking at their regular treatment of uighur muslims

 

[new wave]

Does this mean it could China, not US, that will invade Iraq 'for oil'?

No dear, we got too much money in the pocket, need somewhere to spend.China buys the world - Money machine (1) - FORTUNE

Btw, how do like having a beggar performing "Lip Service" for you all the time, Hmm, i imagine it smells like....enjoy

 

[Communist]

quite possible looking at their regular treatment of uighur muslims

Off topic.


Hey..... troll.... get out...

 

[Communist]

No dear, we got too much money in the pocket, need somewhere to spend.China buys the world - Money machine (1) - FORTUNE

Btw, how do like having a beggar performing "Lip Service" for you all the time, Hmm, i imagine it smells like....enjoy

Always posting off topic and derailing every thread. Military professional... my foot...

 

[Martian2]

Does this mean it could China, not US, that will invade Iraq 'for oil'?

It was a facetious reply to his goofy comment. He keeps annoying other people in the China sub-forum. Yet, I do not see him irritating other members in different sub-forums in the same manner. The China sub-forum seems to attract all the crazies.

I've noticed a similar phenomenon in the comments for YouTube videos on China, such as the Shanghai Expo 2010. Same strange attraction for crazed commentators.

 

[Communist]

It was a facetious reply to his goofy comment. He keeps annoying other people in the China sub-forum. Yet, I do not see him irritating other members in different sub-forums. The China sub-forum seems to attract all the crazies.

Some goddamn zombies are obsessed with anti-China trend.

Bunch of untouchables...

 

[gambit]

I just find it amusing that the crowd that give 'thanks' to 'useful' posts about China's oil deals in Iraq are the same who gave 'thanks' to 'useful' posts about the US invaded Iraq 'for oil'.

 

[new wave]

It was a facetious reply to his goofy comment. He keeps annoying other people in the China sub-forum. Yet, I do not see him irritating other members in different sub-forums in the same manner. The China sub-forum seems to attract all the crazies.

I've noticed a similar phenomenon in the comments for YouTube videos on China, such as the Shanghai Expo 2010. Same strange attraction for crazed commentators.

Bro, whats you expected from a "South-Vietnamese" who hate China for the vanishing of his country, let him hide behind an American flag and pretend to be an American to spread his blind hate, you think he will ever dare to criticize us as a "viet", cos that will made him lost all his "Fake Pride" , he is nothing but a " Vietnamese traitor suffering identity crisis "

 

[Martian2]

Bro, whats you expected from a "South-Vietnamese" who hate China for the vanishing of his country, let him hide behind an American flag and pretend to be an American to spread his blind hate, you think he will ever dare to criticize us as a "viet", cos that will made him lost all his "Fake Pride" , he is nothing but a " Vietnamese traitor suffering identity crisis "

I never looked at it that way. I thought all Vietnamese were grateful to China for helping to reunify their country. I thought patriotism and unification came first. It never crossed my mind that former South Vietnamese may hold a grudge against China.