French firm aims to increase stake in Halfaya field
France’s Total is considering a larger stake in Iraq’s Halfaya oilfield, as it seeks to increase its presence in the country.
Total has a 25 per cent stake in the 4.1 billion barrel field in the Missan governorate, which is operated by China National Petroleum Company (CNPC). The Chinese firm holds a 50 per cent stake and Malaysia’s Petronas holds the remaining 25 per cent.
“Iraq is a strong part of our strategy in the world and we certainly don’t intend to remain a minority partner in the Halfaya field,” Christophe de Margerie, Total’s CEO told an international oil conference in Paris.
CNPC says it will begin seismic and drilling work at the field in June. The partners won the contract to develop the field in December 2009 and aim to increase production to 535,000 barrels a day (b/d), up from the current 3,100 b/d. The consortium will receive a fee of $1.40 a barrel for each additional barrel achieved after paying a signature bonus of $150m.