Iraq’s Missan Oil Company has announced that production of crude at the Halfaya field, is set to rise to 70,000 barrels a day by June, according to a Bloomberg report.
Total, China National Petroleum Corp and Petronas, are developing the 300-well Halfaya field, 35 km east of Amara, in Missan province, which is estimated to hold 4.1 billion barrels of recoverable oil.
CNPC has a 50% interest in the field development project, while Total and Petronas each hold 25% stakes. Missan Oil operates the field. As with other field development projects Iraq has the proprietary interest in oil produced, with the field development consortium taking a fee for every barrel produced above a set threshold.
The field is schduled to hit maximum production capacity of 535,000 barrels a day in 2016, up from pre-development production of just 3,100 bpd.
Early production and crude processing faciltiies, which are expected to double production capcity, will be completed in 2013.
The CNPC-led consortium is drilling a total of ten wells at the field, with four drilled to date.
