Iraq inks CNPC, Total, Petronas Halfaya deal

28 January 2010

A final contract has been signed by Iraq's oil ministry and China National Petroleum Company (CNPC), Total (TOTF.PA) of France and Malaysian state firm Petronas to develop the Halfaya oilfield, Reuters has reported. The group will be paid a remuneration fee of $1.40 per barrel and will have to pay Iraq a non-recoverable signature bonus of $150m. The Halfaya oilfield, in southern Iraq, has estimated reserves of 4.1 billion barrels of oil. CNPC and its partners have pledged to boost output at Halfaya to 535,000 bpd from a current level of 3,100 bpd.

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