A revised contract signed last week by British oil major BP and China's CNPC for Iraq's Rumaila oilfield has raised both companies' stakes in a joint venture formed to develop the field, a senior Iraqi oil official said.
Iraq signed revised contracts with foreign oil companies for two southern oilfields that reduced their production targets and extended the life of the deals, Iraqi oil officials said.
The revised deal with oil
China hopes to secure more fuel to sustain its rapid economic growth via the rights acquired by state-run China National Petroleum Corporation (CNPC) to produce and export oil from Abu Dhabi.
CNPC has expanded over the past decade
China will stop approving some new refining projects and plant upgrades by the country's top two state oil firms, potentially holding up billions of dollars of investment to meet rising demand in the world's second largest oil market.
Italian oil and gas group Eni is considering opening its business in Iraq to investment by Chinese oil company CNPC after offering it a stake in its bumper Mozambique gas field earlier this month, two sources said.
China National Petroleum Corp (CNPC) has emerged as the frontrunner to take over Iraq's West Qurna-1 oilfield from Exxon Mobil, a move that would diminish Western oil influence in Iraq a decade after the US-led invasion.
Iraq would favour bids by Russia's Lukoil and China's CNPC if they decided to buy ExxonMobil's stake in the West Qurna-1 oilfield, a senior oil ministry official said.
Baghdad had received "positive signals"
State-owned China National Petroleum Corporation (CNPC) said the first phase of Iraq's Halfaya oilfield had started operating and had a production capacity of 100,000 barrels per day.
CNPC, which is the first foreign oil company to sig
China National Petroleum Corp (CNPC), the country's largest oil and gas producer, is planning a logistics hub in Dubai to minimise possible disruptions from geopolitical risks in the Mena, the China Daily reported on Tuesday.
China's top energy group and its partners Qatar Petroleum and Royal Dutch Shell agreed to push ahead with plans for a $12.6 billion refinery and petrochemical complex in east China which is likely to start before similar rival facilities.