BAGHDAD — Iraq has concluded an agreement for the development of a
major crude oil field near the Iranian border.
Officials said the Iraqi Oil Ministry has awarded China's CNOOC and
Sino-Chem a project to develop the Maysan oil field.
They said a final agreement would be signed with both companies in mid-March to develop
Maysan, estimated to have 2.5 billion barrels of oil.
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Oil Minister Hussain Al Shahristani said the Chinese firms have agreed
to an Iraqi formula for a $2.30 fee for every additional barrel of oil
produced at Maysan, located near the disputed border with Iran.
The field was believed capable to produce 450,000 barrels per day.
Officials said the Chinese companies agreed to Iraq's terms after months
of deliberation.
In 2009, CNOOC and SinoChem failed to win a concession to
operate three fields in Maysan.
