Speculation regarding the potential bidders for Iraq’s oil contracts grew yesterday after it was reported that the China National Petroleum Corp. (CNPC) were discussing the possibility of a joint venture to operate the Rumaila oilfield in the country.
News agency the Dow Jones reported that a source close to the company had said that CNPC had offered to join the project as a minority partner which would involve them providing a service contract to develop the field.
Rumaila’s capacity currently stands at 1 million barrels per day (bpd), but the field is believed to be capable of producing closer to 1.75 million bpd.
The winning bidders for Iraq’s oil contracts are due to be announced by the Iraqi oil ministry next week.
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