ZhenHua inks deal for East Baghdad field
Chinese firm will quadruple production, to 40,000 bpd, under a new deal that differs significantly from Iraq's previous technical service contracts.
Iraqi Oil Ministry and ZhenHua officials congratulate each other after signing a 25-year contract to develop part of the East Baghdad oil field. (STAFF/Iraq Oil Report)
BAGHDAD - Iraq signed a 25-year contract Wednesday with the China ZhenHua Oil Company to develop the southern part of the East Baghdad field, building on the company's oil production and sales business in the country.
"The field is very important for the capital," said Oil Minister Jabbar al-Luiebi, speaking at the signing ceremony. "It stayed undeveloped for a long time because of reservoir difficulties we faced working there.”
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