CNOOC, TPAO Finalize Iraqi Oil Field Deal

CNOOC International, together with Turkish Petroleum (TPAO), have signed a technical service contract for the development and production of the Missan Oil Fields within Iraq.

The Missan Oil Fields are located in the southeast of Iraq, about 350 kilometers southeast of Baghdad.

The TSC has a contract term of 20 years and the Company has undertaken to increase the daily production of the Missan Oil Fields to 450,000 barrels within six years.

The Company will earn US $2.3 per barrel on the incremental oil production once the daily production has been raised by 10 percent from its current level and will recover its expenditure through a cost recovery mechanism.

Rigzone