Iraq’s oil minister is to renegotiate a deal with China National Petroleum Corporation (CNPC) by the end of August for the development of the Al-Ahdab oil field in the province of Wasit.
An oil ministry spokesman tells MEED that Hussein al-Shahristani will travel to Beijing in the next few weeks to revive the agreement.
“The contract was originally done 10 years ago and he [Shahristani] is now going to reactivate the deal," says the spokesman.
Iraq originally signed a $700m deal with CNPC in 1997 to develop the field but it was delayed and then suspended following UN sanctions.
The field had an estimated pre-war production capacity of 90,000-barrels-a-day (b/d).
An associated power plant, to be built near the oil field, may also be included in the new contract, according to the spokesman.
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