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Iraq awards China, Switzerland USD 348m in oil contracts

24th September 2013

Contracts to support oil fields in Maysan province given to CNOOC and Weatherford

Iraq awards China, Switzerland USD 348m in oil contracts
The firms were assigned to support the oil fields in Iraq’s southern providence of Maysan

Iraq’s oil ministry on Friday awarded USD 348m in four oil contracts to companies from China and Switzerland to develop oil fields in the country’s south-eastern territories.

 

Switzerland’s Weatherford won two contracts worth nearly USD 180m.

 

China’s ROC Oil Bohai Company secured a third USD 96.7m contract for a field developed by China National Offshore Oil Corporation (CNOOC)

 

CNOOC subsidiary China Oilfield Services Limited (COSL) paid USD 73.8m for the fourth and final contract.

 

The firms were assigned to support the oil fields in Iraq’s southern providence of Maysan.

 

Bohai and one of China National Offshore Oil Corp’s (CNOOC) subsidiaries were awarded contracts worth a combined USD 170.5, with Bohai paying USD 96.7m for a field previously developed by CNPC. The subsidiary paid USD 73.8 for another contract.

 

China has had a growing interest in the Middle East for more deals to feed its high energy demands.

 

CNPC had been previously looking into buying US company Exxon’s mature oil field in Iraq, having already brought over USD 9bn of oil and gas purchases. CNPC said in January they will also launch 1,100 km worth of oil pipelines through Myanmar, where it will reach China’s main oil pipeline.